May 15, 2025

Housing Vacancies

Slight Decline in Rental Vacancy Rate and Minor Increase in Homeowner Vacancy Rate

The national rental vacancy rate was 6.9% in the third quarter of 2024, up from 6.6% in the second quarter. Since the fourth quarter of 2021, the vacancy rate has been steadily increasing. At the regional level, vacancy rates rose across all regions, with the Midwest experiencing the highest increase in the third quarter. In the Midwest, the rental vacancy rate climbed from 5.5% in the second quarter to 6.9% in the third quarter. This indicates that the waiting period for rental homes has lengthened.

The homeowner vacancy rate was 1% in Q3 2024. An upward trend has been observed since the first quarter of the year. This suggests that the proportion of homes available for sale is gradually increasing.

The total number of housing units nationwide reached 132.1 million in Q3, an increase from 131.4 million in the previous quarter. Of this growth, 353,000 units were owner-occupied, while approximately 337,000 units were renter occupied.

Description: The homeowner vacancy rate is the proportion of the homeowner inventory which is vacant for sale. The rental vacancy rates the percentage of the vacant year- round units for rent to all rental units with that specific characteristic.