Market swings favor renters in nearly half of America's largest cities

A Realtor.com report found vacancy rates among the largest U.S. metros rose from 7.2% in 2024 to 7.6% in 2025, with 22 cities classified as renter-friendly and six remaining landlord-friendly.

Rental markets across many large U.S. metropolitan areas have moved toward higher vacancy rates over the past year. A Realtor.com report shows overall vacancies rose from 7.2 percent in 2024 to 7.6 percent in 2025. That shift left 22 of the top 50 metros classified as renter-friendly and another 22 as balanced. The findings come as inflation eased and the economy showed job gains, making the housing situation a focal point for affordability discussions. Key findings: - Vacancy rates among the largest U.S. metros rose from 7.2 percent in 2024 to 7.6 percent in 2025, according to Realtor.com. - 22 cities were classified as renter-friendly (more than 7 percent vacancy) and 22 were labeled balanced (5–7 percent vacancy). - Six metropolitan areas remained landlord-friendly with vacancy rates under 5 percent: Boston; Riverside, California; San Jose; Providence, Rhode Island; Los Angeles; and New York. - Milwaukee's rental vacancy rate more than doubled, rising from 4.9 percent in 2024 to 10.8 percent in 2025, moving it from landlord-friendly to renter-friendly. - The Austin metro saw vacancies jump from 8.2 percent in 2024 to 13.8 percent in 2025, and its median asking rent fell 7.3 percent to $1,358. - The Tampa area’s median rent fell 2.7 percent to $1,667 and its vacancy rate rose to 11.4 percent; Sacramento’s vacancy rose to 6.9 percent from 3.8 percent the prior year. Summary: The reported rise in vacancies has correlated with lower asking rents in several metros and has increased options in parts of the rental market. Whether this pattern continues broadly across U.S. cities is undetermined at this time.