Rental vacancies at lowest rate since 2002

The national residential rental vacancy rate in the second quarter was at 8.6% from 8.8% in the first quarter, the lowest second quarter reading since 2002, the Department of Commerce Census Bureau reported on Friday.

While homeowners may face higher rent given the diminishing vacancy rate, Capital Economics said in a statement that the below-trend-level vacancy rate of single-family rental homes is “likely to come as welcome news to the growing number of institutional investors who are building portfolios of single-family rental properties.”

HousingWire

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