Using data from the Census Bureau, the NAR shares graphs that show the peaks and lows of U.S. rental vacancy and homeownership rates in the past couple of decades.
The sharpest declines in homeownership rates, which are nearing the rate seen in 1994 and below the rate in 2004, were concentrated in Millennial and Gen-X age categories.
The drop in homeownership directly contributed to the sharp decline in rental vacancy, which inched up 0.1 percent to 7.1 percent, the second lowest rate in more than a decade.
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