Apartment List rent + vacancy + time on market

Does rent growth coincide with tighter rental liquidity?

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?

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.

Rent + vacancy overlaps
120
exact CBSA; current and year-earlier months
Time-on-market coverage
46 / 120
missing rows remain n/a
Median rent growth
-0.4%
recomputed from published monthly rents
Median vacancy
6.9%
Apartment List 2026-07
What the liquidity layer adds

Rent movement now has two independent availability checks.

Apartment List publishes enough direct rent and Vacancy Index history for 120 exact-CBSA metros in this release. Of those, 32 show rising twelve-month rent together with falling vacancy, while 36 show the opposite sign pattern. The remaining rows carry mixed signals rather than being forced into a single market label.

Time on market is available for only 46 included metros. That narrower coverage is useful when present, but it is not a reason to fill the other 74 rows with a national average or an inferred value. Open the interactive tool to isolate each sign pattern and inspect the full series before treating one month as a durable condition.

Vacancy and time on market challenge a rent-growth story; they do not turn a metro trend into a property forecast.
120 exact-CBSA rent and vacancy overlaps

Rent growth beside current rental vacancy

Right means more vacancy; up means faster twelve-month recent-lease rent growth. Time on market remains a separate, partial-coverage signal.

Apartment List rent growth and rental vacancy by metroScatter plot of direct exact-CBSA metro observations. The horizontal axis is the current Apartment List Vacancy Index and the vertical axis is recomputed twelve-month Apartment List overall rent growth.1.0%3.6%6.2%8.8%11.4%14.0%-9.0%-5.0%-1.0%3.0%7.0%11.0%San Francisco, CA: 9.4% rent growth, 3.3% vacancy, 19.7 days on marketSan Jose, CA: 7.7% rent growth, 3.9% vacancy, 22.0 days on marketFort Wayne, IN: 6.1% rent growth, 4.9% vacancy, time on market n/aVirginia Beach, VA: 5.8% rent growth, 4.1% vacancy, 17.7 days on marketBoise City, ID: 5.7% rent growth, 4.4% vacancy, time on market n/aReno, NV: 5.4% rent growth, 4.7% vacancy, time on market n/aLansing, MI: 5.0% rent growth, 7.5% vacancy, time on market n/aMilwaukee, WI: 4.1% rent growth, 5.2% vacancy, time on market n/aChicago, IL: 3.2% rent growth, 6.2% vacancy, 25.7 days on marketLincoln, NE: 3.1% rent growth, 6.3% vacancy, time on market n/aSioux Falls, SD: 2.6% rent growth, 8.8% vacancy, time on market n/aCorpus Christi, TX: 2.6% rent growth, 8.6% vacancy, time on market n/aPittsburgh, PA: 2.5% rent growth, 6.7% vacancy, 34.5 days on marketCharleston, SC: 2.1% rent growth, 6.7% vacancy, 25.3 days on marketBaton Rouge, LA: 2.1% rent growth, 5.9% vacancy, time on market n/aHartford, CT: 2.1% rent growth, 5.4% vacancy, 29.7 days on marketDes Moines, IA: 2.1% rent growth, 7.1% vacancy, time on market n/aWilmington, NC: 2.1% rent growth, 6.8% vacancy, time on market n/aMinneapolis, MN: 2.0% rent growth, 7.3% vacancy, 33.3 days on marketAlbany, NY: 1.9% rent growth, 2.6% vacancy, time on market n/aSt. Louis, MO: 1.8% rent growth, 6.3% vacancy, 24.7 days on marketKansas City, MO: 1.7% rent growth, 6.7% vacancy, 29.7 days on marketDetroit, MI: 1.5% rent growth, 4.3% vacancy, 21.0 days on marketNew York, NY: 1.5% rent growth, 5.2% vacancy, 27.0 days on marketPhiladelphia, PA: 1.4% rent growth, 5.4% vacancy, 27.0 days on marketProvidence, RI: 1.3% rent growth, 5.4% vacancy, time on market n/aChattanooga, TN: 1.3% rent growth, 6.6% vacancy, time on market n/aClarksville, TN: 1.2% rent growth, 6.2% vacancy, time on market n/aPensacola, FL: 1.2% rent growth, 7.6% vacancy, time on market n/aTulsa, OK: 1.2% rent growth, 5.6% vacancy, 24.0 days on marketSpokane, WA: 1.1% rent growth, 5.1% vacancy, time on market n/aGrand Rapids, MI: 0.9% rent growth, 5.2% vacancy, time on market n/aLexington, KY: 0.9% rent growth, 5.9% vacancy, time on market n/aOgden, UT: 0.9% rent growth, 6.3% vacancy, time on market n/aWinston, NC: 0.8% rent growth, 6.9% vacancy, time on market n/aBaltimore, MD: 0.8% rent growth, 5.3% vacancy, 24.3 days on marketRiverside, CA: 0.8% rent growth, 5.2% vacancy, 23.3 days on marketColumbia, SC: 0.7% rent growth, 6.1% vacancy, 18.7 days on marketRichmond, VA: 0.5% rent growth, 7.3% vacancy, time on market n/aFargo, ND: 0.5% rent growth, 7.4% vacancy, time on market n/aMadison, WI: 0.5% rent growth, 10.1% vacancy, time on market n/aJackson, MS: 0.4% rent growth, 4.9% vacancy, time on market n/aBremerton, WA: 0.4% rent growth, 6.4% vacancy, time on market n/aOmaha, NE: 0.3% rent growth, 6.2% vacancy, time on market n/aGreenville, SC: 0.3% rent growth, 6.9% vacancy, time on market n/aEugene, OR: 0.2% rent growth, 8.0% vacancy, time on market n/aOklahoma City, OK: 0.2% rent growth, 6.0% vacancy, time on market n/aOlympia, WA: 0.2% rent growth, 5.7% vacancy, time on market n/aBoston, MA: 0.1% rent growth, 6.7% vacancy, 25.7 days on marketNew Haven, CT: 0.1% rent growth, 6.9% vacancy, time on market n/aManchester, NH: 0.1% rent growth, 5.4% vacancy, time on market n/aAugusta, GA: 0.0% rent growth, 7.1% vacancy, time on market n/aGainesville, GA: 0.0% rent growth, 8.2% vacancy, time on market n/aVallejo, CA: 0.0% rent growth, 4.4% vacancy, time on market n/aProvo, UT: -0.1% rent growth, 12.3% vacancy, time on market n/aCincinnati, OH: -0.1% rent growth, 6.3% vacancy, 28.2 days on marketGreensboro, NC: -0.2% rent growth, 6.0% vacancy, time on market n/aFayetteville, NC: -0.2% rent growth, 7.3% vacancy, time on market n/aIndianapolis, IN: -0.3% rent growth, 7.6% vacancy, 32.3 days on marketTallahassee, FL: -0.4% rent growth, 6.8% vacancy, time on market n/aBloomington, IN: -0.5% rent growth, 11.3% vacancy, time on market n/aSan Diego, CA: -0.5% rent growth, 6.6% vacancy, 29.3 days on marketFort Collins, CO: -0.5% rent growth, 7.0% vacancy, time on market n/aMiami, FL: -0.5% rent growth, 6.8% vacancy, 27.0 days on marketSacramento, CA: -0.6% rent growth, 4.4% vacancy, 20.0 days on marketPort St. Lucie, FL: -0.6% rent growth, 7.2% vacancy, time on market n/aAtlanta, GA: -0.6% rent growth, 7.5% vacancy, 32.3 days on marketJacksonville, FL: -0.7% rent growth, 7.2% vacancy, 26.0 days on marketLittle Rock, AR: -0.7% rent growth, 6.3% vacancy, time on market n/aHuntsville, AL: -0.7% rent growth, 8.1% vacancy, time on market n/aAllentown, PA: -0.7% rent growth, 5.4% vacancy, time on market n/aLouisville, KY: -0.7% rent growth, 7.3% vacancy, 27.0 days on marketSanta Rosa, CA: -0.7% rent growth, 7.2% vacancy, time on market n/aColumbus, OH: -0.7% rent growth, 6.5% vacancy, 30.3 days on marketCollege Station, TX: -0.8% rent growth, 9.0% vacancy, time on market n/aAlbuquerque, NM: -1.0% rent growth, 6.3% vacancy, time on market n/aBirmingham, AL: -1.0% rent growth, 7.1% vacancy, time on market n/aLos Angeles, CA: -1.0% rent growth, 5.4% vacancy, 29.7 days on marketKilleen, TX: -1.1% rent growth, 8.2% vacancy, time on market n/aMyrtle Beach, SC: -1.1% rent growth, 8.7% vacancy, time on market n/aSeattle, WA: -1.2% rent growth, 6.0% vacancy, 30.7 days on marketMemphis, TN: -1.3% rent growth, 8.3% vacancy, time on market n/aDurham, NC: -1.4% rent growth, 10.5% vacancy, time on market n/aGreeley, CO: -1.4% rent growth, 7.2% vacancy, time on market n/aWashington, DC: -1.6% rent growth, 6.8% vacancy, 32.7 days on marketWorcester, MA: -1.6% rent growth, 5.6% vacancy, time on market n/aTucson, AZ: -1.6% rent growth, 7.9% vacancy, 31.3 days on marketPortland, OR: -1.7% rent growth, 6.4% vacancy, 31.3 days on marketRaleigh, NC: -1.8% rent growth, 8.2% vacancy, 32.7 days on marketBridgeport, CT: -1.9% rent growth, 6.0% vacancy, time on market n/aGainesville, FL: -1.9% rent growth, 5.5% vacancy, time on market n/aOxnard, CA: -2.0% rent growth, 5.8% vacancy, time on market n/aOrlando, FL: -2.1% rent growth, 7.0% vacancy, 26.3 days on marketSalt Lake City, UT: -2.2% rent growth, 8.9% vacancy, 39.0 days on marketHouston, TX: -2.3% rent growth, 8.4% vacancy, 31.0 days on marketNashville, TN: -2.3% rent growth, 8.1% vacancy, 32.7 days on marketColorado Springs, CO: -2.4% rent growth, 8.4% vacancy, 33.7 days on marketDallas, TX: -2.4% rent growth, 9.0% vacancy, 34.7 days on marketBoulder, CO: -2.5% rent growth, 10.0% vacancy, time on market n/aPalm Bay, FL: -2.7% rent growth, 7.2% vacancy, time on market n/aDeltona, FL: -2.8% rent growth, 7.0% vacancy, time on market n/aLafayette, IN: -2.8% rent growth, 9.0% vacancy, time on market n/aFayetteville, AR: -2.8% rent growth, 7.1% vacancy, time on market n/aKnoxville, TN: -2.9% rent growth, 6.3% vacancy, time on market n/aNew Orleans, LA: -2.9% rent growth, 5.7% vacancy, time on market n/aCharlotte, NC: -3.0% rent growth, 9.3% vacancy, 35.3 days on marketPhoenix, AZ: -3.1% rent growth, 8.1% vacancy, 33.3 days on marketTampa, FL: -3.1% rent growth, 8.6% vacancy, 28.3 days on marketKennewick, WA: -3.2% rent growth, 6.7% vacancy, time on market n/aLas Vegas, NV: -3.4% rent growth, 7.5% vacancy, 29.7 days on marketLakeland, FL: -3.7% rent growth, 8.3% vacancy, time on market n/aAustin, TX: -3.7% rent growth, 9.5% vacancy, 39.0 days on marketMidland, TX: -3.9% rent growth, 8.1% vacancy, time on market n/aDenver, CO: -4.0% rent growth, 8.3% vacancy, 32.7 days on marketNaples, FL: -4.1% rent growth, 10.4% vacancy, time on market n/aAsheville, NC: -4.6% rent growth, 11.0% vacancy, time on market n/aNorth Port, FL: -4.9% rent growth, 10.0% vacancy, time on market n/aSan Antonio, TX: -5.3% rent growth, 8.9% vacancy, 37.3 days on marketSavannah, GA: -5.6% rent growth, 10.6% vacancy, time on market n/aCape Coral, FL: -7.1% rent growth, 10.0% vacancy, time on market n/aSan FranciscoSan JoseFort WayneVirginia BeachBoise CityRenoApartment List Vacancy Index →12-month recent-lease rent growth →
Dot size distinguishes rows with a direct current time-on-market observation from rows where that source is unavailable. Size is not a score and missing time on market is not estimated.
Decision table

The first 24 rows, with a path to the underlying market

120 total rows Download all rows JSON
Apartment List rent growth, vacancy and direct time-on-market evidence
RankMetroCurrent rentRent YoYVacancyVacancy YoYTime on marketYoY changeOpen
1San Francisco, CACBSA 41860 · 2026-07$2,9239.4%3.3%▼ 1.4%19.7 days-6.3 daysOpen explorer
2San Jose, CACBSA 41940 · 2026-07$3,3187.7%3.9%▼ 1.5%22.0 days-4.3 daysOpen explorer
3Fort Wayne, INCBSA 23060 · 2026-07$1,1366.1%4.9%▲ 0.5%n/an/aOpen explorer
4Virginia Beach, VACBSA 47260 · 2026-07$1,7135.8%4.1%▼ 1.2%17.7 days-1.6 daysOpen explorer
5Boise City, IDCBSA 14260 · 2026-07$1,4375.7%4.4%▼ 2.3%n/an/aOpen explorer
6Reno, NVCBSA 39900 · 2026-07$1,5685.4%4.7%▼ 0.1%n/an/aOpen explorer
7Lansing, MICBSA 29620 · 2026-07$1,2905.0%7.5%▲ 0.9%n/an/aOpen explorer
8Milwaukee, WICBSA 33340 · 2026-07$1,2904.1%5.2%▼ 1.6%n/an/aOpen explorer
9Chicago, ILCBSA 16980 · 2026-07$1,7553.2%6.2%▲ 0.8%25.7 days0.0 daysOpen explorer
10Lincoln, NECBSA 30700 · 2026-07$1,1903.1%6.3%▲ 2.8%n/an/aOpen explorer
11Sioux Falls, SDCBSA 43620 · 2026-07$9742.6%8.8%▼ 0.6%n/an/aOpen explorer
12Corpus Christi, TXCBSA 18580 · 2026-07$1,2752.6%8.6%▼ 0.4%n/an/aOpen explorer
13Pittsburgh, PACBSA 38300 · 2026-07$1,2722.5%6.7%▲ 0.1%34.5 days+6.2 daysOpen explorer
14Charleston, SCCBSA 16700 · 2026-07$1,6322.1%6.7%▼ 1.2%25.3 days-3.4 daysOpen explorer
15Baton Rouge, LACBSA 12940 · 2026-07$1,2012.1%5.9%▼ 0.9%n/an/aOpen explorer
16Hartford, CTCBSA 25540 · 2026-07$1,6432.1%5.4%▲ 1.7%29.7 days+4.4 daysOpen explorer
17Des Moines, IACBSA 19780 · 2026-07$1,1732.1%7.1%▼ 0.1%n/an/aOpen explorer
18Wilmington, NCCBSA 48900 · 2026-07$1,3252.1%6.8%▼ 1.9%n/an/aOpen explorer
19Minneapolis, MNCBSA 33460 · 2026-07$1,5392.0%7.3%▲ 0.2%33.3 days+0.6 daysOpen explorer
20Albany, NYCBSA 10580 · 2026-07$1,4101.9%2.6%▼ 1.5%n/an/aOpen explorer
21St. Louis, MOCBSA 41180 · 2026-07$1,2641.8%6.3%▼ 0.4%24.7 days-5.3 daysOpen explorer
22Kansas City, MOCBSA 28140 · 2026-07$1,3761.7%6.7%▲ 0.1%29.7 days-0.6 daysOpen explorer
23Detroit, MICBSA 19820 · 2026-07$1,2601.5%4.3%▼ 0.3%21.0 days+2.0 daysOpen explorer
24New York, NYCBSA 35620 · 2026-07$2,3401.5%5.2%▲ 0.3%27.0 days-1.3 daysOpen explorer

The visible table is intentionally limited for reading. The CSV contains every row that passes the printed inclusion rule.

Reproduce the screen

Inclusion first, interpretation second.

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.

Methodology version: v17

Method

  1. Twelve-month rent growth divides the current overall Apartment List rent estimate by the same metro's estimate twelve months earlier and subtracts one.
  2. Vacancy change subtracts the year-earlier Vacancy Index from the current index and is reported in percentage points; no occupancy rate is inferred.
  3. 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.
  4. 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.

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.

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.
Move from market to deal

Use the study to narrow the question—not to skip underwriting.

Open a market for its supply, affordability, migration and risk context. Compare a deliberate substitute, then bring a real property price, rent and expenses into the stress test.

Explore rental liquidity Stress-test a dealOpen curated comparisons
Source vintages

Every input release used by this study

Release and retrieval dates stay visible so a reader can tell whether two measures describe the same moment.

apartment list rentApartment List Rent Estimates — recent-lease rent indexApartment List 2026-07 · retrieved 2026-08-08apartment list time on marketApartment List Time on Market — listing liquidityApartment List 2026-07 · retrieved 2026-08-08apartment list vacancyApartment List Vacancy Index — rental vacancyApartment List 2026-07 · retrieved 2026-08-08cbsa delineationOMB/BLS delineation — metro geographyOMB July 2023 delineation · retrieved 2026-07-30