03/16/2026
According to the latest Apartment List rent report, the national multifamily vacancy rate has risen to 7.4% which is a record high dating back to 2017.
Even though the peak of the construction boom has passed, a large wave of new units is still coming online, colliding with slower renter demand.
The result? More available inventory and more competition for every lease.
Units now take 40 days on average to lease after being listed
That’s four days longer than a year ago
And more than twice as long as mid-2021, when demand was at its peak
Apartment List publishes monthly rent reports to examine key trends in cities and states across the nation. How have rents in your city changed recently?