Vacancy levels bottomed in October 2021, and since then, the situation has eased gradually but the market remains historically tight.
Apartment List's data show vacancy ticked up for seven consecutive months, reaching 5 percent in May. Its rent growth index shows a corresponding trend, as price growth has decelerated this year compared to 2021.
The rental listing site said it's possible that the easing of vacancies could level off in the coming months due to rapidly rising rents that may incentivize many renters to stay put and renew existing leases rather than looking for new ones.
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