Rental vacancy and homeownership rates remained relatively flat nationwide in the second quarter of 2010, when compared with the same period in 2009 and the first quarter of 2010. In the second quarter of 2010, the Northeast recorded the lowest ownership housing vacancy rate, while the South had the highest. See the following article from HousingWire for more on this.
National vacancy rates in Q210 were overall level from the previous quarter, according to updated data today from the Census Bureau.
The 2.5% vacancy rate of owner-occupant housing units was only 10 basis points (bps) below the previous quarter and remained level with the year-ago quarter. The rental housing market’s vacancy rate of 10.6% in Q210 was level with the previous quarter and year-ago quarter.
Additionally, the homeownership rate slipped to 66.9%, nearly level with 67.1% in the previous quarter:
The ownership housing vacancy rate in principal cities — 3% — was higher than in the suburbs and outside metropolitan statistical areas (MSAs) — 2.4% each. Vacancy was lowest in the Northeast — 1.4% — where the rate was also much lower than 2% in the previous year. Vacancy in Q210 was highest in the South — 2.9%.
Approximately 85.6% of housing units were occupied in Q210, and the remaining 14.4% were vacant. Owner-occupied housing units made up 57.3% of total housing units, while renter-occupied units made up 28.3% of inventory.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.