AUSTIN, TX — Renters looking for more room to negotiate are finding it in parts of the country where vacancies are higher, rent growth is slowing, and landlords are offering more incentives. Apartments.com says those conditions are strongest in a handful of states, especially across the Sun Belt, where new construction after the pandemic left many apartments sitting open.
Nationally, the multifamily vacancy rate is 7.9%, while asking rents have risen 1.3% over the past year. But the company’s analysis shows that some markets are much friendlier to tenants than others, especially when vacancy rates rise and landlords start competing for move-ins with concessions such as free rent, waived fees, or lower deposits.
Why vacancy rates matter when you are apartment hunting
Higher vacancy rates usually give renters more leverage because more units are available and landlords have a harder time filling them quickly. When that happens, property managers may be more willing to cut asking rents or offer move-in specials to attract applicants.
That can make a difference for renters trying to keep upfront costs down. A landlord may be willing to negotiate on the monthly payment, reduce a security deposit, or waive an administrative fee if a building has empty units that need to be filled.
Low vacancy works the opposite way. With more competition for fewer apartments, renters have less room to ask for discounts, and landlords can be choosier about who gets the lease.
Absorption and concessions show where landlords are competing hardest
Vacancy is only one piece of the picture. Apartments.com also looked at absorption, a measure of how quickly available units are being taken relative to total inventory. A higher absorption rate means apartments are being filled faster, which usually leaves renters with less negotiating power.
Many of the markets with strong absorption are in the Sun Belt, where building surged after the pandemic and left landlords with a large supply of empty apartments. As renter demand has caught up, those markets have started to tighten, but they still have vacancy rates above the national average.
Rent concessions offer another sign of competition. Apartments.com says 41.2% of multifamily properties nationwide are offering some kind of concession in 2026, including free rent, waived fees, or reduced deposits.
Texas and Arizona stand out for softer rent pressure
Texas ranks first among the five states with the strongest renter negotiating power. The state’s vacancy rate is 13.3%, the highest in 2026 so far, and rent growth over the past year is down 1.6%. Average monthly rent is $1,245, well below the national level cited in the analysis.
Arizona follows with a 9.4% vacancy rate and the sharpest drop in year-over-year rent growth at 2.1%. Apartments.com notes that Phoenix ranks third among markets offering the most concessions, which suggests landlords there are still working to fill units.
Both states show how slower demand can give renters more leverage. When apartments stay open longer, landlords may be more likely to negotiate on price or incentives just to get leases signed.
Florida, Colorado, and North Carolina still offer room to bargain
Florida places third on the list, with an 8.8% vacancy rate and rent growth down 0.8% over the past year. Average monthly rent in the state is $1,698, but Sarasota ranks first among the markets offering the most concessions, with 10.9% of properties giving discounts.
Colorado also makes the top five even though it is not one of the highest-vacancy states. Its rent growth has fallen 2% year over year, and the average monthly rent of $1,577 is below the national average. Denver ranks sixth among the markets with the most rent concessions right now.
North Carolina rounds out the list with an 8.2% vacancy rate and average rent of $1,363. Rent growth is down 0.8%, and Charlotte and Durham both appear among the markets with the highest concession rates.
What renters can try to negotiate beyond monthly rent
Renter leverage is not limited to the sticker price of an apartment. In markets with high vacancy or slow rent growth, tenants may also be able to ask for application fee relief, lower security deposits, parking perks, or better lease terms.
Pet deposits, pet rent, and amenity fees can also be part of the conversation depending on the property and the lease. In some buildings, a landlord may agree to a shorter or longer lease length if that helps fill a unit faster.
Experts cited by Apartments.com say the best negotiating conditions usually include a mix of high vacancy, low absorption, slower rent growth, and visible concessions. Looking at all four together gives renters a clearer sense of where they are most likely to get a deal.
How Sun Belt supply is shaping the rental market
The broader pattern behind these numbers is the same in many Sun Belt markets: heavy post-pandemic construction followed by a wave of available units. That oversupply gave landlords more reason to lower rents and offer specials, especially in places where new apartments arrived faster than demand.
As more renters moved into those markets, supply began to tighten, but the effects are still visible in vacancy and concession data. Apartments.com says markets with higher concession rates often overlap with places where units are being absorbed more quickly, showing how discounts can help fill apartments even when demand is uneven.
For renters, that means timing and location still matter. A market with softer demand, slower rent growth, and visible incentives can offer a better chance to negotiate than one where apartments are filling quickly and competition is still strong.
More on what homes, rents and new builds are doing near you, on RHS Commoner.
