Vacancy is the silent killer of rental returns. Every month a unit sits empty, you lose income while still paying the mortgage, taxes, and insurance. These 25 cities have the lowest vacancy rates in the country, signaling strong tenant demand and reliable income streams.
These 25 cities represent the lowest markets based on vacancy. Meridian, ID leads the ranking with 3.5% vacancy at a $485K median price. Even Naperville, IL at #25 shows 4.2% — a solid metric.
Across this ranking, the average cap rate is 2.73% (vs 3.81% nationally), average prices are $483K (vs $333K nationally), and average rents are $1,868/mo.
Geographic distribution: the West (11 cities), the Midwest (6 cities), the Northeast (6 cities), the South (2 cities). The ranking is geographically diversified, giving investors multiple regional options.
These 25 cities rank highest on vacancy across our dataset of 775+ markets. Use this ranking as a screening tool — identify 3-5 markets that match your investment criteria, then dig deeper into each city's page for interactive calculators, detailed analysis, and deal criteria specific to that market.
Next steps: Click any city above to see its full analysis page with interactive cap rate and cash-on-cash calculators pre-filled with local data. Compare your top picks head-to-head using our city comparison tool, or explore the interactive cap rate map to visualize these markets geographically.
For a comprehensive market selection framework, read our guide on how to analyze a rental property in 15 minutes.