Rental Vacancies at 2002 Lows
Rental Vacancies at 2002 Lows
Renters may struggle to find available apartments and rental homes in the current market. Nationally, the rental vacancy rate fell to 8.6 percent in the second quarter, the lowest second-quarter reading since 2002, the Department of Commerce Census Bureau reports.
The vacancy rate for rentals was the lowest in the Northeast at 6.7 percent, according to the Commerce Department. Rental vacancies are the highest —11 percent—in the South.
Meanwhile, the asking rent for the second quarter did get a little cheaper in the second quarter at $716, compared to a $721 average in the first quarter.
However, analysts say that as the vacancy rate sinks lower, renters will likely face higher rents. Investors who have in recent months been purchasing single-family homes to turn into rentals may see a big boon as former home owners and renters look for more available places to rent, according to Capital Economics.
Source: “Rental Vacancies at Lowest Rate Since 2002,” HousingWire (July 27, 2012)
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