Read our full analysis for a more in-depth look at these trends.
On the move: Renters catch a break
Growing vacancy rates, especially in the Sunbelt, have led to cooling rent payments and a boost to discretionary spending.
December 2025
Key takeaways
- The number of people moving within the U.S. declined year-over-year (YoY) in the third quarter of this year, according to Bank of America account data. Intracity moves were more evident in the western Sunbelt and Midwestern cities compared to most of the rest of the South and West, as well as in the Northeast.
- A rise in the share of renters in the past year is also corresponding with near zero rent payment growth, according to Bank of America payments data. Why? A residential construction boom in the Sunbelt, followed by a major slowdown in domestic migration is driving vacancy rates up in the South and West, giving renters more choices — and an opportunity to ward off potential rent price increases.
- According to Bank of America card data, renters — especially those with lower incomes — are likely benefitting from the significant cooling in rent payment growth, offsetting some of the slowdown in their wage growth and boosting discretionary spending growth.
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