{"slug":"rent-growth-vs-rental-liquidity","title":"Does rent growth coincide with tighter rental liquidity?","contractVersion":"research-v17","sourceUpdatedOn":"2026-08-08","factsHash":"db11989eabc33a21c380dd1c34b9eb8305a06a7ae4dbe5761dc5dcb645177b71","definition":{"deck":"Rent growth alone cannot show whether available units are becoming scarcer or merely repricing. This study keeps Apartment List's rent, vacancy and listing-liquidity series on separate axes and preserves the narrower time-on-market coverage as missing evidence.","slug":"rent-growth-vs-rental-liquidity","chart":"rent_growth_vacancy_scatter","title":"Does rent growth coincide with tighter rental liquidity?","method":["Twelve-month rent growth divides the current overall Apartment List rent estimate by the same metro's estimate twelve months earlier and subtracts one.","Vacancy change subtracts the year-earlier Vacancy Index from the current index and is reported in percentage points; no occupancy rate is inferred.","Current time on market and its twelve-month change use only direct published monthly observations. Missing time-on-market rows remain NULL and do not remove an otherwise complete rent-vacancy metro.","The four descriptive groups use only the signs of rent growth and vacancy change. Rows are ordered by rent growth, not by a composite score or forecast."],"eyebrow":"Apartment List rent + vacancy + time on market","question":"Across directly matched metropolitan areas, how does twelve-month recent-lease rent growth relate to the current rental vacancy index and, where published, time on market?","variables":["Apartment List overall rent estimate","Recomputed twelve-month rent growth","Apartment List Vacancy Index","Twelve-month vacancy-index change","Apartment List time on market and twelve-month change"],"limitations":["Apartment List estimates use recent lease transactions observed in its platform and a repeat-rent methodology; they are not Zillow ZORI, Realtor listing medians, HUD FMR or Census gross rent.","The vacancy index and time-on-market series have smaller geographic coverage than rent estimates. Missing values are not zero, estimated or filled from another source.","Published monthly rent estimates are rounded dollars, so recomputed growth can differ slightly from a publisher summary calculated on unrounded internal estimates."],"short_title":"Rent Growth & Rental Liquidity","source_keys":["apartment_list_rent","apartment_list_vacancy","apartment_list_time_on_market","cbsa_delineation"],"inclusion_rule":"Include a RentMarker metro only when Apartment List publishes an overall rent estimate for the current release and the same month one year earlier plus a current and year-earlier Vacancy Index, and its published metro FIPS code exactly equals the stored OMB CBSA code. Time on market is optional and remains unavailable where not published.","counter_signals":["Higher rent growth with falling vacancy is consistent with tighter rental conditions, but does not identify the cause or predict future rent.","Rising vacancy can reflect new supply, seasonal turnover, local demand change or measurement noise; time on market provides a second liquidity lens only where coverage exists.","A metro average can hide large differences by neighborhood, bedroom count, property quality and lease date."]},"summary":{"latest_period":"2026-07","eligible_count":211,"included_count":120,"median_rent_yoy":-0.00435913,"rent_up_vacancy_up":21,"median_vacancy_rate":0.0685799,"rent_down_vacancy_up":36,"rent_up_vacancy_down":32,"time_on_market_count":46,"median_vacancy_change":-0.00031012,"rent_down_vacancy_down":31,"time_on_market_missing":74,"excluded_without_vacancy":91,"median_time_on_market_days":29.7},"sources":[{"key":"apartment_list_rent","name":"Apartment List Rent 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