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Rising multifamily vacancy expected to peak in early 2027

US drop in supply outpaces slowing demand
San Antonio, Texas, leads the nation in multifamily vacancy. (Getty Images/iStockphoto)
San Antonio, Texas, leads the nation in multifamily vacancy. (Getty Images/iStockphoto)
CoStar Analytics
May 5, 2026 | 7:07 P.M.

U.S. multifamily vacancies are expected to climb this year more than previously expected, peaking in early 2027 as the forecast for rent growth softens.

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