Vacancy Rates Are ‘High’ and Favorable for Some Southern Markets
Vacancy rates are plunging in many housing markets across America.
Approximately 1.6 percent of the 85 million residential properties were vacant at the beginning of February 2016, according to a recent report from RealtyTrac’s U.S. Residential Vacancy Analysis. This was a 9.3 percent drop from the previous vacancy analysis in the third quarter of 2015.
The findings shed light on a new challenge in most U.S. real estate markets that there are “not too many vacant homes but too few,” says Daren Blomquist, vice president of RealtyTrac, in a statement.
While markets like Seattle, San Francisco, and Boston had vacancy rates that were below the average rate of 1.6 percent, other markets like Detroit, Beaumont, TX, and Atlantic City, NJ, saw higher-than-average vacancy rates.