Rental housing vacancy rates have experienced a sharp increase over the last several months. Nationwide, the vacancy rate stands at 10.1%. Some major cities, however, have rates that work decidedly in tenants' favor. According to the United States Census Bureau, the top ten Metropolitan Statistical Areas with the highest vacancy rates are as follows:
Richmond, VA 23.7%
Dayton, OH 21.7
Detroit, MI 19.9
Memphis, TN 19.6
Phoenix, AZ 19.0
Indianapolis, IN 17.1
Cleveland, OH 16.8
Atlanta, GA 16.1
Las Vegas, NV 16.0
Austin, TX 15.8
If you live in one of these areas it may be time to renegotiate your lease. It certainly looks like you won't need to automatically accept rent increases at the time of renewal. You're in the driver's seat.
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