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The COVID-19 pandemic has disrupted many aspects of life, and some of the most significant shifts have occurred in housing. More time spent working, schooling, and socializing at home in line with public health guidance has people increasingly reconsidering their living preferences. Simultaneously, spikes in unemployment, especially for low-income earners, have highlighted concerns about rental affordability with enormous implications for renters and landlords alike. This combination of factors could lead to high activity in some parts of the rental market while creating uncertainty or vulnerability in others.
One of the areas where these trends are already playing out is in the types of units being rented, as renters show a stronger preference for single-unit rentals over structures with two or more units. Historically, vacancy rates for multi-unit rentals already tend to be higher than for single units. But following the onset of the virus, these figures diverged even more in late 2020, as vacancy rates spiked upward in multi-unit rentals while rates in single-unit rentals exhibited a similarly sharp decline. Whether from virus-related concerns about sharing spaces or a greater premium placed on space while working and schooling from home, COVID-19 has helped push vacancy rates for single-family rentals to historic lows.
State-level data only tells part of the story, however. When looking at metropolitan areas, vacancy rates can vary substantially based on factors like whether the cities are attracting more residents, the available stock of housing, and the economic makeup of the population. For this reason, some states, like South Carolina and New York, have cities represented on both the list of cities with the most vacancies and the list of cities with the least.
To identify the states and metros with the highest and lowest rental vacancy rates, researchers at Porch analyzed data from the U.S. Department of Housing and Urban Development and the Census Bureau. Porch researchers used vacancy rate data from the last quarter of 2020 to rank these locations and additionally gathered data on each location’s median rent and the percentage of households renting and owning.
Metros With the Highest Rental Vacancy Rates
1. Charleston-North Charleston-Summerville, SC
- Rental vacancy rate Q4 2020: 28.8%
- Rental vacancy rate Q4 2019: 21.0%
- Median rent: $1,418
- Percentage of households that rent: 26.3%
- Percentage of households that own: 73.7%
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2. Indianapolis-Carmel-Anderson, IN
- Rental vacancy rate Q4 2020: 17.1%
- Rental vacancy rate Q4 2019: 6.3%
- Median rent: $1,058
- Percentage of households that rent: 28.1%
- Percentage of households that own: 71.9%
Photo Credit: Alamy Stock Photo
3. Albany-Schenectady-Troy, NY
- Rental vacancy rate Q4 2020: 15.3%
- Rental vacancy rate Q4 2019: 15.6%
- Median rent: $1,138
- Percentage of households that rent: 26.9%
- Percentage of households that own: 73.1%
Photo Credit: Alamy Stock Photo
4. Syracuse, NY
- Rental vacancy rate Q4 2020: 14.0%
- Rental vacancy rate Q4 2019: 11.8%
- Median rent: $959
- Percentage of households that rent: 34.7%
- Percentage of households that own: 65.3%
Photo Credit: Alamy Stock Photo
5. Cape Coral-Fort Myers, FL
- Rental vacancy rate Q4 2020: 12.8%
- Rental vacancy rate Q4 2019: 5.8%
- Median rent: $1,387
- Percentage of households that rent: 20.8%
- Percentage of households that own: 79.2%
Photo Credit: Alamy Stock Photo
6. Birmingham-Hoover, AL
- Rental vacancy rate Q4 2020: 10.9%
- Rental vacancy rate Q4 2019: 9.8%
- Median rent: $1,166
- Percentage of households that rent: 22.9%
- Percentage of households that own: 77.1%
Photo Credit: Alamy Stock Photo
7. Baton Rouge, LA
- Rental vacancy rate Q4 2020: 10.3%
- Rental vacancy rate Q4 2019: 12.8%
- Median rent: $1,034
- Percentage of households that rent: 28.4%
- Percentage of households that own: 71.6%
Photo Credit: Alamy Stock Photo
8. Cincinnati, OH-KY-IN
- Rental vacancy rate Q4 2020: 10.0%
- Rental vacancy rate Q4 2019: 9.3%
- Median rent: $966
- Percentage of households that rent: 25.9%
- Percentage of households that own: 74.1%
Photo Credit: Alamy Stock Photo
9. Dayton, OH
- Rental vacancy rate Q4 2020: 8.8%
- Rental vacancy rate Q4 2019: 9.7%
- Median rent: $867
- Percentage of households that rent: 33.2%
- Percentage of households that own: 66.8%
Photo Credit: Alamy Stock Photo
10. Virginia Beach-Norfolk-Newport News, VA-NC
- Rental vacancy rate Q4 2020: 8.7%
- Rental vacancy rate Q4 2019: 7.3%
- Median rent: $1,417
- Percentage of households that rent: 28.4%
- Percentage of households that own: 71.6%
Metros With the Lowest Rental Vacancy Rates
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1. Fresno, CA
- Rental vacancy rate Q4 2020: 0.7%
- Rental vacancy rate Q4 2019: 3.9%
- Median rent: $1,160
- Percentage of households that rent: 44.2%
- Percentage of households that own: 55.8%
Photo Credit: Alamy Stock Photo
2. Worcester, MA
- Rental vacancy rate Q4 2020: 1.0%
- Rental vacancy rate Q4 2019: 0.4%
- Median rent: $1,512
- Percentage of households that rent: 40.8%
- Percentage of households that own: 59.2%
Photo Credit: Alamy Stock Photo
3. Rochester, NY
- Rental vacancy rate Q4 2020: 1.7%
- Rental vacancy rate Q4 2019: 3.0%
- Median rent: $1,017
- Percentage of households that rent: 29.9%
- Percentage of households that own: 70.1%
Photo Credit: Alamy Stock Photo
4. Columbia, SC
- Rental vacancy rate Q4 2020: 1.9%
- Rental vacancy rate Q4 2019: 10.7%
- Median rent: $1,113
- Percentage of households that rent: 30.0%
- Percentage of households that own: 70.0%
Photo Credit: Alamy Stock Photo
5. Raleigh, NC
- Rental vacancy rate Q4 2020: 2.5%
- Rental vacancy rate Q4 2019: 4.6%
- Median rent: $1,359
- Percentage of households that rent: 35.8%
- Percentage of households that own: 64.2%
Photo Credit: Alamy Stock Photo
6. Allentown-Bethlehem-Easton, PA-NJ
- Rental vacancy rate Q4 2020: 2.5%
- Rental vacancy rate Q4 2019: 6.1%
- Median rent: $1,146
- Percentage of households that rent: 28.1%
- Percentage of households that own: 71.9%
Photo Credit: Alamy Stock Photo
7. Richmond, VA
- Rental vacancy rate Q4 2020: 2.7%
- Rental vacancy rate Q4 2019: 7.1%
- Median rent: $1,267
- Percentage of households that rent: 43.7%
- Percentage of households that own: 56.3%
Photo Credit: Alamy Stock Photo
8. Grand Rapids-Wyoming, MI
- Rental vacancy rate Q4 2020: 2.8%
- Rental vacancy rate Q4 2019: 5.5%
- Median rent: $1,096
- Percentage of households that rent: 25.7%
- Percentage of households that own: 74.3%
Photo Credit: Alamy Stock Photo
9. Las Vegas-Henderson-Paradise, NV
- Rental vacancy rate Q4 2020: 2.9%
- Rental vacancy rate Q4 2019: 5.6%
- Median rent: $1,328
- Percentage of households that rent: 45.3%
- Percentage of households that own: 54.7%
Photo Credit: Alamy Stock Photo
10. Greensboro-High Point, NC
- Rental vacancy rate Q4 2020: 2.9%
- Rental vacancy rate Q4 2019: 10.9%
- Median rent: $992
- Percentage of households that rent: 33.1%
- Percentage of households that own: 66.9%
Detailed Findings & Methodology
The data used in this analysis is from the U.S. Census Bureau’s 2019 American Community Survey and the Department of Housing and Urban Development’s (HUD) Housing Vacancies and Homeownership (CPS/HVS). Median rent was calculated as the weighted average rent for a studio, one-, two-, three-, and four-bedroom rental. States and metros were ranked based on the rental vacancy rate from quarter four of 2020. In the event of a tie, the rental vacancy from quarter four of 2019 was used. Only the nation’s largest metropolitan statistical areas covered in the CPS data were included in the analysis.
