Developers keep building apartments, but no one is moving in. The building behind me has over 300 vacant units, and construction is still ongoing. Apartment vacancies are now surging nationwide. We’re at the highest vacancy level on record, and rents are falling for the first time in 15 years. That’s great news for renters, but bad news for developers.
Here in Nashville, rents dropped again in 2025 as downtown apartments sit empty. Scroll through Zillow and you’ll see it. 200 units available. 300 units available. Entire buildings with little demand. The fallout is already starting. Some apartment owners are now defaulting on their loans. Fannie Mae just reported the highest multifamily delinquency rate since 2008. And this is happening while even more units are still coming online.
Here’s what it means for 2026. Affordability is finally returning, especially for renters in Nashville, Austin, Phoenix, Las Vegas, Orlando, Tampa, and much of the Sunbelt. Meanwhile, rents are still rising in supply-constrained cities like San Francisco, San Jose, Chicago, and New York. Download Reventure Mobile App in app store now. --- 💡 Join 1,000,000+ users using Reventure App to find undervalued markets, avoid housing bubbles, and plan their next move.
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