U.S. Rental Prices & Vacancy Rates — Updated Quarterly
As of January 2026, the national rental vacancy rate is 7.30%, indicating a renter's market. Data from Federal Reserve (FRED).
Rental Vacancy Rate
7.30%
Renter's Market
Rent CPI Index
445.1
Consumer Price Index for Rents
Annual Rent Change
+2.8%
Year-over-year CPI change
Housing Starts
1.50M
New residential construction (annual rate)
Rental Vacancy Rate History
Quarterly data — Federal Reserve (FRED, series RRVRUSQ156N)
Rent Price Index Trend
Consumer Price Index for Rent (CUSR0000SEHA) — Monthly data, Federal Reserve (FRED)
CPI base period: 1982-84 = 100. Current index shows rent inflation relative to baseline.
Market Context
At 7.30%, the rental vacancy rate is above the 10-year historical average of 6.62%. This indicates a renter's market.
Rent prices as measured by the CPI have increased 0.5% over the past year, above the general inflation rate (typically 2-3%).
Understanding Rental Vacancy Rates
The rental vacancy rate measures the percentage of rental units that are vacant and available for rent. It's a key indicator of rental market conditions and tenant bargaining power.
- Below 5%: Tight market, high demand, landlords have pricing power
- 5% - 7%: Balanced market, reasonable options for renters
- Above 7%: Renter's market, more supply than demand, increased negotiating power
- Historical average: Has typically hovered around 6-7% in normal economic conditions
- COVID impact: The pandemic caused unusual volatility with sharp drops followed by rapid increases
Rent CPI vs Actual Rents
The Rent CPI (Consumer Price Index for Rent of Primary Residence) measures changes in rental prices over time relative to a baseline period.
- Base period: 1982-1984 = 100 (reference point)
- Current index: 445.1 means rents are 345.1% higher than the 1982-84 baseline
- Purpose: Tracks rent inflation over time across the U.S. rental market
- Limitation: This is a national index; actual rents vary widely by location
- For specific dollar rents: HUD Fair Market Rents provide state and metro-level data
New Housing Supply
1.50M
Housing Starts (Annual Rate)
New housing starts represent the supply side of the housing market. More construction increases the available housing inventory, which exerts upward pressure on vacancy rates and downward pressure on rent growth. Tracking start trends helps anticipate future market conditions—a surge in new construction today should lead to more housing options and potentially slower rent increases in the coming months.
Frequently Asked Questions
Common questions about rental market data
What is the current rental vacancy rate in the US?
As of January 2026, the U.S. rental vacancy rate is 7.30%, according to Federal Reserve data. A rate above 7% indicates a renter's market with more negotiating power for tenants, while below 5% suggests a tight landlord's market.
Are rents going up or down in 2026?
Based on the Rent CPI from the Federal Reserve, rents have increased 2.8% year-over-year as of April 2026. This compares to general inflation of approximately 2-3% in recent periods.
What is a normal rental vacancy rate?
Historically, a balanced U.S. rental market has a vacancy rate between 5% and 7%. Below 5% indicates a tight market favoring landlords, with high demand and limited supply. Above 7% gives renters more options and negotiating power.
What does the Rent CPI measure?
The Rent CPI (Consumer Price Index for Rent of Primary Residence) measures changes in rental prices over time relative to a 1982-84 baseline of 100. It is published monthly by the Bureau of Labor Statistics and reflects national average rent inflation, not absolute rent levels.
How does rental vacancy rate affect rent prices?
When vacancy rates are low (high demand, limited supply), landlords can charge higher rents due to competition among tenants. When vacancy rates are high, renters have more options and greater negotiating power, which tends to stabilize or reduce rent prices. The vacancy rate is a leading indicator of rental market direction.
Data Sources & Updates
Federal Reserve Economic Data (FRED)
- Rental Vacancy Rate: Series RRVRUSQ156N — Quarterly data
- Rent CPI: Series CUSR0000SEHA — Monthly data
- Homeowner Vacancy Rate: Series RHVRUSQ156N — Quarterly data
- Housing Starts: Series HOUST — Monthly, thousands of units
Update Frequency & Notes
- Rental vacancy rate updates quarterly
- Rent CPI updates monthly
- Homeowner vacancy rate updates quarterly
- Housing starts update monthly
- All data reflects the most recent observations available from FRED
- Data shown is in current nominal terms (not inflation-adjusted except CPI itself)
Note: Data are national averages. Local rental market conditions may vary significantly by region, city, and property type. Always consult local real estate professionals for specific transactions.