Core Insights - Renters gained leverage over landlords in 2025 due to increased rental vacancies and new apartment construction, with vacancies rising to 7.6% from 7.2% the previous year [1] - The rental market is shifting towards a more balanced state, allowing renters more flexibility and choice [1] Rental Vacancies Vary by Location - Rental vacancies in Austin, Texas, surged to 13.8% in 2025, up from 8.2% the prior year, while other cities like Buffalo, Dallas, and Detroit also saw increases [1] - In contrast, markets like Pittsburgh and Richmond experienced a shift favoring landlords, indicating regional variability in rental market dynamics [1] New Construction Eases Affordability Crunch - Over 500,000 rental units were completed in 2025, nearing record highs, with affordable housing construction increasing by 73% from 2020 to 2024 [1] - The rise in apartment construction is contributing to a decrease in rent payments, which fell by 1.5% in January compared to the previous year, marking a 29-month decline [1]