Rental Vacancies Over 10%
The top housing news item out this morning is the existing homes sales report. But also out is the first quarter of 2005 Census Bureau report which has a ton of numbers. Rental vacancies stand near all-time highs at 10.1%.
If you look at how they derive that number, you'll find a lot of houses aren't counted. Of 5.915 million "held off market" houses, 1.974 million are for "occasional use", 1.247 million are "temporarily occupied by persons with usual residence elsewhere" and 2.694 million are empty for "other reasons".
Of the 15.5 million total empty houses, about 12 million are vacant year round and 3.5 million seasonally vacant. With an estimated total of 123 million homes nationwide, that means 12.6% of houses are vacant. For every two rented units, there is an empty home, for whatever reason. The numbers vary by region but still, that's a lot of dark windows.