Top 12 Metros with the Lowest Vacancy Rates as of September 2021

Multifamily living has become increasingly more desirable in 2021, despite increasing rent growth and limited supply. Residents are willing to pay higher rents, as the national average rent price continues to increase month over month, setting new record highs. While some are concerned this will lead to a real estate bubble, this not likely.


One major factor contributing to the desire for a renter lifestyle is coming from both the older and younger generations placing less importance on home ownership, and instead opting to lease. As of September of 2021, the national average vacancy is down to 2.7%. Low vacancy rates indicate that a market is flourishing, and that residents are continuing to remain in the area. When evaluating the strength of a market, low vacancy is one indicator for demand and a market poised with stronger potential for success.

Here are the top 12 metros with the lowest vacancy rates as of September 2021:

12. West Palm Beach, Florida


Vacancy Rate: 2.16%

Percentage of Renters in the City: 46%

Average Rent: $1,862

11. Philadelphia, Pennsylvania


Vacancy Rate: 2.05%

Percentage of Renters in the City: 45%

Average Rent: $1,736

10. Detroit, Michigan


Vacancy Rate: 2.04%

Percentage of Renters in the City: 46%

Average Rent: $1,163

9. Tampa, Florida


Vacancy Rate: 1.98%

Percentage of Renters in the City: 44%

Average Rent: $1,647

8. Sacramento, California


Vacancy Rate: 1.96%

Percentage of Renters in the City: 40%

Average Rent: $1,709

7. Fort Lauderdale, Florida


Vacancy Rate: 1.94%

Percentage of Renters in the City: 51%

Average Rent: $2,301

6. Virginia Beach, Florida


Vacancy Rate: 1.76%

Percentage of Renters in the City: 31%

Average Rent: $1,455

5. Miami, Florida


Vacancy Rate: 1.75%

Percentage of Renters in the City: 45%

Average Rent: $1,915

4. San Diego, California


Vacancy Rate: 1.53%

Percentage of Renters in the City: 39%

Average Rent: $2,433

3. Riverside, California


Vacancy Rate: 1.37%

Percentage of Renters in the City: 27%

Average Rent: $1,905

2. Providence, Rhode Island


Vacancy Rate: 1.12%

Percentage of Renters in the City: 43%

Average Rent: $2,158

1. Orange County, California


Vacancy Rate: 1.12%

Percentage of Renters in the City: 26%