The U.S. rental market favors tenants as vacancy rates rose to 7.6% nationwide in 2025, up from 7.2% in 2024. Forty-four of the 50 largest metros are renter-friendly or balanced, with only six landlord-favored markets remaining. Median rent fell 1.5% to $1,672, marking 29 months of decline. Milwaukee saw the largest vacancy increase, doubling to 10.8%. Some affordable markets tightened due to out-of-market demand, while coastal hubs like Boston and New York remain landlord-favored.
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