As a renter, you want to be able to find the perfect apartment for your needs – that means the right price, location, and amenities. But that’s easier to find in some places than others.
According to the National Association of Realtors, in the apartment rental market – aka multifamily housing — vacancy rates are likely to stay about the same in the near future, with new construction rising to meet increased demand for rental spaces. The top cities that are considered “renter’s markets” have the highest vacancy rates, leaving many options open to renters.
Top 5 renter’s markets (percentages indicate vacancy rates):
- Memphis, TN (7.8%)
- Little Rock, AR (6.5%)
- Houston, TX (6.5%)
- Jacksonville, FL (6.4%)
- Columbia, SC (6.3%)
On the other hand, the top cites that are considered “landlord’s markets” have the lowest vacancy rates. Any place with a vacancy rate below 5 percent is more likely to be expensive because high demand justifies higher rent prices.
Top 5 landlord’s markets:
- New Haven, CT (1.9%)
- Syracuse, NY (2.0%)
- New York, NY (2.1%)
- San Diego, CA (2.1%)
- Minneapolis, MN (2.2%)
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