Vermont’s Chittenden County rental market is showing signs of a meaningful cooldown after years of near-zero availability, with rising vacancy rates and a wave of new housing supply giving tenants leverage they haven’t had since before the pandemic.
Why It Matters
For renters in the Burlington metro area, the shift represents a notable break from a brutal stretch in which apartments vanished within hours of being listed. The county’s vacancy rate now stands at 3.3% as of June, up sharply from sub-1% levels recorded during the pandemic years — though still below the 5% threshold that housing experts typically consider a healthy, balanced market.
Ally Quirk, a therapist renting a one-bedroom apartment in Winooski with river views and in-unit laundry, experienced the change directly. Her landlord, Redstone Properties, reduced her monthly rent from $2,450 to $2,100 — a savings of $350 per month — and she signed a one-year lease extension as a result.
What Happened
The loosening of the market traces largely to a surge in new construction. More than 800 new rental units came online in Chittenden County in 2024, following roughly 500 the year before. That pace is approximately 2.5 times the area’s historical annual average for new rental supply, according to data tracked since 2000 by the firm Allen, Brooks and Minor.
The effects are showing up in landlord behavior. Redstone Properties, which manages around 600 apartments and 1,000 beds of student housing in the region, has adjusted its approach. Erik Hoekstra of Redstone described how different conditions were at the market’s peak: “We used to list an apartment for rent — if we listed it in the morning, by lunch we’d have it rented.”
Other property managers are competing more aggressively as well. Catamount Run is offering $1,000 off the first month’s rent on select leases. Bissonette Properties has expanded its outreach by adding Spanish-language advertisements for available units. Some landlords are also investing in upgrades to justify higher asking prices or attract tenants. Brian Armstrong summed up the calculus: “Spend a little more, make it nicer.”
Not all of the new inventory is affordable by typical standards. Some high-end units in the market command rents as high as $5,000 per month, placing them out of reach for many working renters even as overall conditions soften.
By the Numbers
- 3.3% — Chittenden County rental vacancy rate as of June 2026
- Sub-1% — vacancy rate during pandemic-era peak demand
- 5% — vacancy rate considered a balanced market by housing experts
- 800 — new rental units added in Chittenden County in 2024, roughly 2.5x the historical average
- 6.1% to 3.5% — rent inflation rate, falling from fall 2024 to the most recent year
Zoom Out
The Burlington area’s experience mirrors broader trends in mid-sized U.S. metro areas where a post-pandemic construction surge is beginning to rebalance rental markets that became severely supply-constrained between 2020 and 2023. Rent inflation nationally has moderated as new multifamily inventory reaches tenants, though affordability remains a challenge in high-cost regions.
Vermont faces additional demand-side variables. The University of Vermont saw a sharp enrollment decline last fall, reducing one of the Burlington area’s most reliable tenant pools. At the same time, employers like Beta Technologies — a growing regional aviation and energy company — are expanding, which could support longer-term demand for workforce housing. State officials and housing advocates have pointed to new developments, such as a $15.3 million mixed-income housing complex recently opened in Waterbury, as evidence that targeted construction can expand supply in communities across the state.
What’s Next
Whether the current vacancy rate continues to climb toward the 5% equilibrium mark will depend on how many additional units enter the pipeline and whether enrollment at UVM stabilizes. The vacancy rate has fluctuated between 3% and 4% since late 2024, suggesting the market may be settling into a new — if still moderately tight — normal. For now, tenants in the Burlington metro corridor are in a stronger negotiating position than at any point in the past several years, and landlords appear to be adjusting their strategies accordingly.