As the U.S. housing market continues to shift post-pandemic, empty apartment rental prices across cities and suburbs are generating surprising — and sometimes confusing — headlines. While some areas see dramatic price drops as landlords struggle to fill vacant units, others are experiencing record-high rates despite an increase in availability.

Whether you're a renter navigating your next move, a senior considering downsizing, or simply curious about what’s driving these trends, understanding the current rental market for empty apartments is more important than ever.

Why Are So Many Apartments Sitting Empty — Yet Some Rents Are Still Rising?

One of the biggest paradoxes in today’s rental landscape is the coexistence of high vacancy rates and high rents. In some cities, thousands of apartment units remain unoccupied — yet landlords aren’t cutting rents drastically across the board.

What’s driving this?

  • Overbuilding in key areas: Between 2021 and 2023, developers responded to rising rental demand by flooding certain metro markets with new high-rise and luxury units.

  • Shifting demographics: Millennials and Gen Z now prioritize flexibility, leading to shorter leases and increased relocation.

  • Remote work: Workers no longer tied to major cities have migrated to more affordable regions, leaving urban apartments sitting vacant in places like San Francisco, New York, and Chicago.

  • Inflation and labor costs: Even with empty units, landlords face rising maintenance and staffing costs, prompting some to hold firm on pricing.

Surprising stat: In cities like Jacksonville, FL and Phoenix, AZ, vacancy rates have surpassed 10%, yet average rent is only 2–3% lower than during peak 2022 levels.

Senior insight: For older adults considering a transition from homeownership to renting, these rich vacancy opportunities can translate into leverage for negotiating rent or asking for move-in incentives.

Pro tip: Empty units are often a great opportunity to score deals on limited-time offers — like one month free, reduced security deposits, or utility bundling.

Price Differences by Region — and What Budget You’ll Actually Need

Apartment rental prices vary drastically by city, size, and amenities — but when you're dealing with an empty unit (unfurnished), you’ll need to look closely at value versus price.

Typical 2024–2025 unfurnished monthly apartment rental averages for major cities:

  • New York City: $3,200 (1-bedroom)

  • Los Angeles: $2,650

  • Chicago: $2,100

  • Dallas: $1,650

  • Raleigh: $1,450

  • Cleveland: $1,100

Suburban and secondary cities tend to have better availability and lower costs. For example:

  • Buffalo, NY: $1,000 (1-bed)

  • Des Moines, IA: $950

  • Greenville, SC: $1,200

But empty doesn’t always mean cheap. In high-demand locations, vacant premium units (think rooftop pool, granite counters, concierge service) can easily run $4,000–$6,000 per month, even if dozens go unleased.

What you’ll need upfront:

  • Security deposit: Typically one month’s rent (can sometimes be waived).

  • First and last month’s rent: Often required in competitive markets.

  • Application fees: $25–$75, non-refundable.

  • Moving costs: Range from $200 (DIY local) to $2,000+ (professional movers, long distance).

  • Furniture & setup for basic living: $2,000–$5,000 if starting from scratch.

Budget tip: Consider renting from smaller landlords or private owners, who have more control over pricing and are often more willing to negotiate, especially for longer leases or senior tenants.

What Seniors Should Know: Downsizing Into an Empty Apartment Can Offer Freedom — But Do Your Homework

For retirees and seniors moving from larger homes into rental accommodations, empty apartments provide a blank canvas — but also demand careful planning and realistic budgeting.

Key considerations:

  • Accessibility: Look for ground-floor units, elevators, wide doorways, and step-in showers. Many new builds have ADA-compliant options that may be vacant longer and subject to discounts.

  • Maintenance: Empty units in smaller complexes may require more tenant responsibility for cleaning and light upkeep; ask what’s included in rent.

  • Safety: Choose reputable buildings with onsite management or security features like keycard entry and well-lit common areas.

Advantages for seniors:

  • No property taxes or seasonal maintenance

  • Lower utility and insurance costs

  • Potential access to on-site fitness rooms, lounges, or senior community events

Potential downsides:

  • Older or poorly maintained empty units may lack updated appliances or insulation

  • Furnishing from scratch can be overwhelming

  • Short-term leases may increase rent unexpectedly at renewal time

Smart tip: Ask whether the building offers senior-friendly services such as in-unit laundry, medication delivery compatibility, on-site physical therapy, or transportation options (especially for 55+ communities).

Average total monthly cost for a senior moving into an empty apartment (utilities, rent, insurance, Wi-Fi): $1,900–$2,500, depending on region and apartment features.

Practical Tips to Make Empty Apartments Work for Your Lifestyle

Renting an empty apartment offers freedom to create a space you love — but it also comes with upfront effort and hidden costs if you're not prepared. Here’s how to approach the transition wisely.

Before signing the lease:

  • Visit the unit once it’s fully cleaned and ready — not just a model apartment.

  • Check cellular service and Wi-Fi strength — essential for work-from-home or telehealth.

  • Ask for concessions: Empty units are often eligible for “free first month,” free parking, or storage space deals.

  • Read online reviews of landlord or property manager reputation.

Furnishing on a budget:

  • Start with essentials: bed, table, chair, lamp, shower curtain, basic kitchenware.

  • Consider high-quality secondhand furnishings — Facebook Marketplace, estate sales, or Habitat ReStores.

  • Shop multi-functional furniture: Murphy beds, drop-leaf tables, or bookshelves with storage.

  • Budget around $2,500 for basic quality furnishings if starting new.

Long-term renter tip: Keep receipts and take photos of the empty unit before move-in. This can help you claim your full deposit and avoid being charged for existing wear and tear.

Energy-saving tip: Consider thermal curtains, LED bulbs, and energy-efficient appliances where permitted — small investments that save on monthly bills, especially in climate-variable cities.


Final Thought

Empty apartment rentals come with both opportunity and surprise. In 2024–2025, regional price swings, shifting urban dynamics, and changing tenant preferences are reshaping what you can expect to pay — and get — when walking into an unfurnished unit. While sticker shock may be real in some cities, there’s also growing room for negotiation, personalization, and smart renting decisions.

Whether you're a senior downsizing, a young professional relocating, or a family reevaluating housing costs, understanding the empty apartment market can help you find a place that fits your lifestyle — without breaking the bank.