Home Sale Slowdown Feeds Rental Demand

Slowing home sales have helped to push rental vacancies to a historic low, HousingWire reports.

The amount of rental households nationwide rose to 600,000 in the second quarter of 2019, according to the Census Bureau, and accounted for the largest gain in three years. Even with the increase, rental vacancies have stayed low, Capital Economics reports.

“In the second quarter, Reis reported an unchanged apartment vacancy rate of 4.7%, and the Census Bureau reported that the multifamily rental vacancy rate had dropped to 7.9%,” the report said. “Multifamily rental vacancy rates are most below their long run average in the West, and only eight states had above average vacancy in the second quarter.”

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