National Rental Vacancy Rates at 9.8% for Third Quarter
November 7, 2007 – 9:00 amThe Census Bureau released their most updated numbers on the housing market. For the third quarter of 2007, the national average rental vacancy rate was 9.8%. 1 and 2 bedroom rentals had the highest vacancy rate at 20.5% which equaled 4% of total inventory and 3 or more rooms had a vacancy rate of around 9%.
Estimates on total housing numbers were as follows :
All Housing Units = 128,189,000
Vacanct = 17,890,000
Single Family Home Vacant - 3,808,000
The rest of the vacancies all either vacation homes, for sale only, awaiting occupancy, or held off the market.
3 Responses to “National Rental Vacancy Rates at 9.8% for Third Quarter”
This is the fallouot from foreclosures. People have to live somewhere
By Charlie Ragonesi Big Canoe Realestate Big Canoe,Jasper,Ellijay,Ball Ground on Nov 8, 2007
I noticed it indicated 20.5% in one and two bedroom housing. It was 3 or more nedrooms that had a decrease. Very interesting, thank you for sharing this important info.
By Allison Stewart on Nov 8, 2007
Dan, I think this is expected as we move forward with this market. Eventually monthly rental rates will go up with rental demand as the market adjusts. A tipping of the scale…and investors will step in. Over time with sales prices down, monthly mortgage payments down and rental rates up, ownership will become that much more attractive to the masses again.
By Kathleen Vetrano -Northern Virginia Realtor on Nov 8, 2007