Average Vacant Days Climbs Above Pre-Pandemic Level

With the delivery of more than one million new market-rate multifamily units over the last two years, renters now have more options to choose from than ever before. That has softened occupancy rates and resulted in units sitting vacant for longer. The average number of days a stabilized unit sits vacant before a new tenant moves in is nearly five days longer than it was on average in the five years prior to 2020, according to RealPage Market Analytics. In other words, it is taking significantly longer to lease an available unit than it did pre-COVID, despite record levels of apartment demand. Nationwide, average vacant days hovered at 34.4 at the end of 2024, compared to about 30 in early 2020.The variance to historic levels may seem miniscule, but extended vacancy works out to an additional $275 per unit in expenses and turnover costs (based on current average. U.S. effective rent of $1,818 as of January 2025). With more than half a million stabilized units unoccupied, the additional impact to property operations quickly adds up.