BRIEFCASE GUIDES / HOUSING MARKET
The US rental vacancy rate was 7.6% in the third quarter of 2026, according to the Census Bureau's Housing Vacancy Survey released October 28, 2026. That is up from 7.3% in the second quarter and 7.1% a year earlier, and it is the highest quarterly reading since the first quarter of 2014.
DATA / US CENSUS BUREAU HVS
Share of the rental inventory that is vacant and for rent. Not seasonally adjusted, so compare the same quarter across years.
Q3 2020
6.4%
Q3 2021
5.8%
Q3 2022
6.0%
Q3 2023
6.6%
Q3 2024
6.9%
Q3 2025
7.1%
Q3 2026
7.6%
This page is the Briefcase data page for rental vacancy. We update it when the Census Bureau publishes a new quarter. The next release is scheduled for February 2, 2027. Figures below come straight from the Census release and its historical tables; comparisons are statistically tested by Census unless we say otherwise.
01
Rental vacancy rate, Q3 2026
7.6%
Q2 2026
7.3%
Q3 2025
7.1%
Homeowner vacancy rate, Q3 2026
1.2%
Homeownership rate, Q3 2026
65.5%
Median asking rent for vacant units, Q3 2026
$1,541
Vacant units for rent
3.866 million
Renter-occupied units
46.251 million
Vacant-for-rent units rose by about 317,000 from a year earlier while renter-occupied households grew by only about 70,000, according to the Census inventory table. More empty units chasing a slowly growing renter base is what pushes the rate up.
02
FORMULA
Rental vacancy rate = Vacant for rent ÷ (Renter occupied + Rented but not yet occupied + Vacant for rent)
It counts units that are empty and actively offered for rent. Units held off the market, seasonal units, and units already rented but not yet moved into are treated differently, so the rate is narrower than total vacancy. The survey is part of the Current Population Survey, so each estimate carries a margin of error; the national rate's 90% margin was plus or minus 0.3 points in Q3 2026.
03
By geography, Census reported rental vacancy of 8.8% in principal cities, versus 6.5% in suburbs and 6.4% outside metro areas. Principal-city vacancy jumped from 7.3% a year earlier. Census notes that metro area boundaries changed between the two periods, so use caution with that year-over-year comparison.
By region, the South led at 9.2%, followed by the Midwest at 7.1%, the West at 6.7%, and the Northeast at 6.2%. Census does not explain regional causes. Heavy recent apartment construction in many Southern metros is one commonly cited factor, so check local supply pipelines before drawing conclusions for a single market.
04
The rate fell to a low of 5.6% in the fourth quarter of 2021 and the second quarter of 2022, when pandemic-era demand met tight supply. It has climbed fairly steadily since. Before that, the post-financial-crisis peak was 11.1% in the third quarter of 2009. Today's 7.6% is high relative to the last decade, but well below that peak.
05
Do not confuse this Census rate with the vacancy figures published by private research firms or apartment listing sites. Private apartment data often covers professionally managed buildings with a set minimum size, while the Census survey covers all rental housing, including single-family rentals and small buildings. The levels differ, so compare trends within one source rather than mixing sources.
06
01
Leasing takes longer. More vacancy usually means more concessions, more tours per lease, and more pressure on renewal retention.
02
NOI feels it first. Vacancy and credit loss is one of the largest controllable lines in an apartment operating statement, so a point of extra vacancy moves value.
03
Lenders notice. Higher market vacancy feeds into underwritten NOI, DSCR, and debt yield on refinances.
04
Marketing earns its budget. When renters have choices, search visibility, listing quality, and resident experience decide which buildings fill.
DATA / REGIONAL VIEW
The South carries the highest rate. Northeast and West rates rose from a year earlier; Midwest and South were not statistically different from Q3 2025, per Census.
South
9.2%
Midwest
7.1%
West
6.7%
Northeast
6.2%
TAKEAWAYS
01
US rental vacancy: 7.6% in Q3 2026, the highest since Q1 2014.
02
Up from 7.1% a year earlier; the South leads at 9.2%.
03
Principal cities (8.8%) are well above suburbs (6.5%).
04
Next Census update: February 2, 2027. Square Footage covers each release.
SOURCES
Every figure on this page links to the primary or named source we checked on November 9, 2026. Worked examples use round hypothetical numbers and are labeled as such.
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