Which U.S. Metro Areas Are Renter's Markets? (2026)

Rent figures reflect Apartment List's August 2026 rent data. Published Sept. 27, 2026. Last Updated Sept. 27, 2026

Fourteen large U.S. metro areas qualified as renter's markets in Apartment List's August 2026 data. Ranked by vacancy rate, Austin (9.31%), Charlotte (9.25%), and Dallas-Fort Worth (8.89%) lead the list. Apartment List's renter editorial team identified the 14 using the Vacancy Index, Time On Market, and Rent Estimates published by its economics team.

A little more choice can make an apartment search feel less rushed. The metro numbers give you a starting point; the apartments you'd actually consider will tell you what options you have.

Key Stats: Renter's Markets, August 2026

• Longest run and slowest leasing: Salt Lake City has qualified for 42 consecutive months and had a median 41.7 days on market, the longest run and slowest leasing among the 14 (Apartment List, August 2026).
• Largest rent decline: San Antonio’s median rent fell 5.1% from August 2025, the largest decline among the 14 (Apartment List Rent Estimates, August 2026).

What Counts as a Renter's Market in This List?

A metro area qualifies when its August 2026 figures meet all three of these conditions in Apartment List's data:

• Vacancy rate above 7.08%, the national rate. Vacancy is the share of apartments sitting empty in the apartment buildings that list on Apartment List.
• Time on market above 31.7 days, the national figure. Time on market is the median number of days the apartments that leased in August had been listed before someone signed.
• Median rent at or below its August 2025 level, meaning a year-over-year change of 0% or lower. Median rent is Apartment List's estimate of the middle rent paid on new leases signed in the metro that month.

Together, these describe the metros where renters find more empty apartments, more time to decide, and rents flat or falling.

The 14 Renter's Markets, Ranked by Vacancy Rate

Apartment List Vacancy Index, Time On Market, and Rent Estimates · August 2026 · U.S. metros with at least 1 million residents · highest vacancy first. The final column shows when each current qualifying streak began; metro names link to listings.

Renter's Markets Ranked 1 to 7: Austin to Denver

Source: Apartment List Vacancy Index, Time On Market, and Rent Estimates, August 2026.

Renter's Markets Ranked 8 to 14: Raleigh to Atlanta

Source: Apartment List Vacancy Index, Time On Market, and Rent Estimates, August 2026.

How Long Have These Renter's Markets Held, and What's Changing?

Five Metros Have Qualified Every Month for More Than Three Years

Five of the 14 renter's markets have qualified every month since 2023 in Apartment List's data.

Source: Apartment List data, January 2019 through August 2026.

The Other Nine Renter's Markets Have Shorter or Interrupted Runs

Source: Apartment List data, January 2019 through August 2026. Runs are consecutive months through August 2026.

Four of the metros in the two tables above, Austin, Dallas-Fort Worth, Houston, and San Antonio, each grew their housing stock by more than 12% between 2020 and 2025, against 6.6% across all U.S. metro areas combined, according to a 2026 Urban Institute analysis of Census Bureau address files. Urban counted all housing units, including owned homes, so the figures are broader supply context for these four metros and do not explain why any of them met Apartment List's August 2026 test.

Tucson and Phoenix Have Fewer Empty Apartments and Faster Leasing Than a Year Ago

Tucson and Phoenix are the only two of the 14 where both vacancy and leasing time fell between August 2025 and August 2026 in Apartment List's data, and both still qualify. Austin's vacancy also fell, although leasing slowed.

Source: Apartment List Vacancy Index, Time On Market, and Rent Estimates, August 2025 and August 2026.

Does a Renter's Market Mean Affordable Rent?

No. Eight of the 14 metros have median rents below the national $1,390, while six are above it. Tucson ($1,147) and Denver ($1,650), the lowest and highest medians of the 14, both qualify.

What It Means for Your Search

Compare current listings. Look at what similar units near you are asking today and how long they have been listed. A listing that has been up longer than the metro's time on market in the table has waited longer than the typical apartment that leased there in August.

Compare full lease costs. Compare apartments on the total you would pay over the lease term, including rent, fees, and any move-in offer, rather than on the advertised monthly rent alone.

How Do Renter's and Landlord's Markets Compare?

Read the other way, the same three tests define a landlord's market: fewer empty apartments than the country, faster leasing, and rent higher than a year earlier. Fourteen of the 43 large metros with complete August 2026 data meet that description, led by San Francisco, San Jose, and Virginia Beach, and are ranked in Which U.S. Metro Areas Are Landlord's Markets?; the remaining 15 metros meet neither complete test.

Where to Go From Here

The streak column tells you how long each metro has been this way, and the Apartment List National Rent Report tracks the national figures month by month. If you are searching, the metro names in the ranking link to current listings in each metro. If you are assessing the rent you pay now or a renewal offer, Rate My Rent compares your rent with similar apartments nearby.

Appendix: Data and Methodology

Frequently Asked Questions

Is it a renter's market or a landlord's market in the U.S. right now?

It depends on the metro. Nationally in August 2026, the vacancy rate was 7.08%, apartments took a median 31.7 days to lease, and median rent was 0.8% below a year earlier, according to Apartment List. Fourteen large metros qualify as renter's markets, 14 as landlord's markets, and 15 fit neither.

Can I negotiate rent in a renter's market?

The list describes metros, not buildings, so it cannot tell you what any one landlord will accept. A listing that has been up longer than its metro's August time on market has waited longer than the typical apartment that leased there, which is a fact you can bring to the conversation.

Why isn't my metro on the list?

It may have missed one or more of the three conditions, or the data needed to test it may be unavailable. Tampa missed the leasing-time threshold by 0.2 days; Memphis has no August time-on-market figure. The appendix lists the 12 metros that could not be tested.

Does a named city mean the city itself or the wider metro area?

The wider metro area. For example, "Austin" refers to the Austin-Round Rock-Georgetown metro, which includes surrounding communities.

Are free months and other leasing specials included in the test?

No. The test uses vacancy, leasing time, and year-over-year rent change. Ask buildings about specials and compare the full lease cost.

Can my renewal increase when metro rents are falling?

Yes. The metro figure estimates rents on new leases, while your landlord sets the renewal offer for your apartment. Compare that offer with current apartments you would actually consider; Rate My Rent can help with the local comparison.