According to Cushman & Wakefield, several U.S. multifamily markets are now reporting vacancy rates at or above 10% in Q4 2025, a level that materially shifts leverage back toward tenants and disciplined buyers.

Markets at 10%+ vacancy include:

Atlanta (11.8%)
Austin (14.3%)
Baton Rouge (14.4%)
Birmingham (14.9%)
Charleston (10.2%)
Charlotte (12.0%)
Cleveland (10.0%)
Colorado Springs (13.4%)
Columbia, SC (10.7%)
Columbus, OH (10.3%)
Dallas–Fort Worth (12.0%)
Denver (12.5%)
Durham (11.1%)
Greenville (10.3%)
Houston (12.3%)
Huntsville (18.3%)
Indianapolis (11.1%)
Jacksonville (12.3%)
Las Vegas (10.4%)
Little Rock (11.7%)
Memphis (15.7%)
Nashville (11.4%)
New Orleans (10.7%)
Oklahoma City (11.8%)
Orlando (11.2%)
Phoenix (13.1%)
Raleigh (11.0%)
St. Louis (10.6%)
Salt Lake City (12.3%)
San Antonio (15.0%)
Sarasota (18.9%)
Tampa (11.0%)
Tucson (11.3%)
Tulsa (11.8%)

Why this matters:
Vacancy at these levels isn't demand collapse, it's supply digestion. Years of elevated deliveries are working through the system, compressing rents, increasing concessions, and forcing sharper underwriting.

The takeaway:
This is a market where basis, execution, and patience matter. Well-capitalized buyers with long-term conviction may find opportunity. Marginal deals will continue to reprice.

Cycles don't end, they reset.