US apartment vacancy rate falls to 7.8% in Q3, CoStar report shows
XLRE•The national apartment vacancy rate fell 0.5 percentage points year over year to 7.8% in Q3, its lowest level since late 2023. Rent concessions rose 0.6 percentage points to 4.2%.
1. Vacancy and concessions
CoStar Group’s Q3 Apartments.com RentPulse report showed the national apartment vacancy rate fell 0.5 percentage points year over year to 7.8%, its lowest level since late 2023. Rent concessions rose 0.6 percentage points from a year earlier to 4.2%, as renters retained bargaining power.
2. Regional rent trends
Midwest rents increased 2.3% year over year, while oversupply drove a 3.3% decline in Fort Myers. Austin’s concession rate reached 9.9%, though rising leasing activity and declining vacancy signaled a potential shift away from renter-friendly conditions.
