Renters rejoice! Market swings in their favor in nearly half of America’s largest cities

Renters rejoice! Nearly half of major American cities now have more available properties, meaning a drop in rents and more opportunities to negotiate on leases.

Vacancies rose from 7.2 percent in 2024 to 7.6 percent in 2025, according to a report by real estate site Realtor.com Monday.

Some 22 cities, including Austin, Texas, Milwaukee, Wisconsin, and Tampa, Florida, were discovered to be “renter friendly,” meaning more than 7 percent of the city’s rental properties were available. Another 22 cities fell into the “balanced” category, meaning rental vacancy rates of 5 - 7 percent.

“This shift doesn't just mean lower prices; it means that renters today have more options and more bargaining power,” Realtor.com chief economist Danielle Hale said in the release. “While the market isn't uniform everywhere, the broader trend is a move toward a much-needed equilibrium that allows for more flexibility and choice in the housing search."

But renters still face a tough market in some of America’s biggest cities, including Boston, Los Angeles and New York.

open image in gallery

The findings come during a month of positive signs for consumers. Inflation fell last month to its lowest point since May 2025, and the economy added more than 100,00 jobs for the first time since April 2025. However, many Americans are still deeply concerned about affordability. Median rent last year was 15.2 percent higher than it was six years ago, and housing prices remain near all-time highs, according to data from the Federal Reserve.

Several metropolitan areas experienced a considerable rise in vacancies, a trend that typically favors renters, according to the study.

Wisconsin’s biggest metro area saw its rental vacancy rate more than double year-on-year, jumping from 4.9 percent in 2024 to 10.8 percent in 2025. The big shift in vacancy rate made Milwaukee the only city in the study to move from landlord-friendly to renter-friendly in one year.

The Austin metro area saw rental vacancies jump from 8.2 percent in 2024 to 13.8 percent in 2025, marking the second-biggest rise among the top 50 cities. The median rent that landlords asked for was $1,358 this past year, down 7.3 percent from 2024.

Monitor your credit scores effortlessly.
Create an account today.

Terms and conditions apply.

LEARN MORE

ADVERTISEMENT

Monitor your credit scores effortlessly.
Create an account today.

Terms and conditions apply.

LEARN MORE

ADVERTISEMENT

open image in gallery

The Sacramento area experienced the third-biggest increase in rental vacancy rates in 2025, rising to 6.9 percent in 2025 from 3.8 percent in 2024.

The median rent in the Tampa area fell 2.7 percent year-on-year to $1,667. The metro’s rental vacancy rate popped upward from 8.7 percent in 2024 to 11.4 percent this past year, marking the fourth-biggest vacancy increase among the 50 metro areas studied.

Six metro areas remained landlord-friendly in 2025, meaning they had vacancy rates under 5 percent: Boston; Riverside, California; San Jose; Providence, Rhode Island; Los Angeles and New York.

Though the rental markets in the six areas remain tight, there were small signs of relief for renters. The median rental asking price fell year-on-year in Boston (-2.6 percent), Riverside (-2.7 percent), Providence (-3.1 percent) and Los Angeles (-1.9 percent).