Renters have spent the better part of two years with unusual leverage, but the data now suggests that period is coming to an end. According to the U.S. Census Bureau, the national rental vacancy rate was 7.3% in the second quarter of 2026, compared with 5.6% four years earlier, when competition for apartments was near its peak. The Census Bureau notes the rate is not statistically different from the 7% recorded a year ago and virtually unchanged from the first quarter. In other words, it's elevated and holding.

Operators have been competing largely on price. In June, 39.7% of rental listings on Zillow offered a concession — free rent, waived fees, free parking — up from 35.2% a year earlier. Before the COVID-19 pandemic, the number of rental listings offering concessions was closer to 1 in 6. Zillow Senior Economist Kara Ng said during this spring, "renters don't have to settle," with real room to negotiate on price, perks, and terms. A free month is worth roughly $1,930 to a renter.

But the underlying market is turning, as asking rents rose to $1,965 in June, up 2.2% from a year earlier. Apartment List's August index notes rents are up for the seventh consecutive month, and multifamily vacancy is at 7.1% — near its peak but declining for the first time since late 2021. Zillow expects the market to tighten gradually as construction completions slow and absorption rises, with concessions becoming less common over time.

This all raises a question worth asking now rather than later: When renters stop receiving free-month offers, what keeps them signing? An April 2026 survey of 3,002 U.S. renters conducted by AppFolio suggests the answers are specific, operational, and largely within an operator's control.

Key Findings

• 39% of renters plan to move in the next 12 months, up from 35% in 2025.
• Maintenance is the strongest single driver of overall renter satisfaction.
• 79% of renters who are satisfied with maintenance said issues were resolved within a few days or less.
• 78% of renters say a bundled package of resident services matters when evaluating a home; 33% have access to one.
• 90% of renters say a management company's online reputation factors into where they lease.

Renter Satisfaction Is the Clearest Predictor of Who Renews

Nearly 2 in 5 renters plan to move within the year, up from 35% in the same survey a year earlier. Mobility has risen even as the market has begun to firm, which puts more weight on each renewal conversation.

The survey found satisfaction tracks closely with those decisions. Renters who are satisfied with their management company are 72% more likely to renew and 34% less likely to plan to move. The report shows 83% of residents are satisfied overall — a solid baseline that suggests the remaining gains sit in the margin above it.

AppFolio

Rental Maintenance Has the Strongest Relationship to Satisfaction

Of everything the survey measured, maintenance correlated most strongly with satisfaction. Renters who are satisfied with maintenance are 81% more likely to renew and 36% less likely to move.

Speed appears to matter more than sophistication. Among satisfied renters, 47% said issues were resolved within days and 32% within hours. That points to something concrete: Timely resolution shapes renters’ experience of management in moments that matter.

Visibility is also important, as renters with access to an online portal reported higher satisfaction with maintenance than those without — 85% compared to 78%. The difference may have as much to do with transparency as the repair itself: Being able to see where a request stands changes the waiting experience.

AppFolio

Renters Sort Communication by Urgency

Communication ranked close behind maintenance, and renters drew a clear line based on urgency. Two-thirds (66%) want a phone call for an emergency. For routine matters, they prefer email (51%) or text (43%).

The practical takeaway is that channel variety matters as much as responsiveness. Renters don’t have a single preference, but they have different expectations for different situations.

Support tools appear to help on the routine end. Renters who interacted with an artificial intelligence assistant reported higher satisfaction with their management company’s communication than those without access — 86% compared to 77%. This finding reflects renter-reported satisfaction rather than resolution quality, and these experiences typically remain guided by staff oversight when questions move beyond the routine.

AppFolio

The Widest Openings Are in Services Renters Already Want

Some of the survey’s most actionable findings sit in the gap between what renters value and what’s commonly offered.

An online portal is the most wanted service: 84% called it important, and 59% have access to one. Digital move-in tools showed a wider spread — 64% find them important, and 31% have access to them. The largest gap is in bundled resident services, with 78% saying they matter and only 33% saying they have access.

Renters also signaled a willingness to pay: 79% said they would pay their management company for services included in the lease. They attached a condition — 95% said a transparent lease-signing experience, with base rent and every added cost stated plainly, is important to them. Clarity is part of the offer, not a hurdle to it.

AppFolio

Resident Experience Compounds in a Way Discounts Don’t

If Zillow's outlook holds and concessions recede as the market tightens, rent discounts will no longer be a differentiator. Every operator’s window closes at roughly the same time. What remains is the part of the offer that can’t be matched with a coupon.

The survey suggests why that matters. Satisfied renters are five times more likely to recommend their management company — 84% compared to 16%. When asked what rating they would leave, satisfied renters averaged 4.1 stars out of five. And 90% said online reputation factored into their leasing decision, which makes this year’s service record part of next year’s demand.

A concession fills a unit for a term, but the findings suggest the renter experience carries over into the one after it.

Methodology

The AppFolio 2026 Renter Preferences Report is based on a survey of 3,002 U.S. renters conducted Jan. 26 through Feb. 4, 2026. Respondents represent a cross-section of ages and household incomes aligned with U.S. Census Bureau data. Findings reflect self-reported attitudes and experiences at the time of the survey.

This story was produced by AppFolio and reviewed and distributed by Stacker.