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As most renters focus on newest apartments, existing properties face elevated vacancy risk

Added demand helps fill units in second quarter, even as conditions remain uneven across markets
Austin, Texas, was one of several major U.S. apartment markets in which overall vacancy in higher quality four- and five-star-rated properties declined over the past year even as stabilized vacancy increased, illustrating the difference between strong lease-up activity and conditions among operating properties. (Saeid Zare/CoStar)<br/>
Austin, Texas, was one of several major U.S. apartment markets in which overall vacancy in higher quality four- and five-star-rated properties declined over the past year even as stabilized vacancy increased, illustrating the difference between strong lease-up activity and conditions among operating properties. (Saeid Zare/CoStar)
CoStar Analytics
August 4, 2026 | 2:24 P.M.

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Demand for apartments remained strong during the second quarter, helping to lower vacancy and providing further evidence that the U.S. multifamily market is gradually moving beyond the most challenging phase of the recent supply cycle.

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