Dennis Norman
According to a report released earlier this week by the U.S. Census Bureau, rental vacancies for the first quarter of 2010 in the U.S. are almost 5 percent higher than they were a year ago. The rental vacancy rate in the U.S. for the first quarter of 2010 was 10.6 percent, up from 10.1 percent from the first quarter of 2009, but an improvement over the prior quarter’s rate of 10.7 percent. The first quarter vacancy rate of 10.6 percent was the highest vacancy rate for the first quarter in over 14 years, and was the third highest vacancy rate of any quarter in over 14 years.
All regions and all areas saw an increase in the year-over-year vacancy rate:
- Inside MSA’s – vacancy rate for 1st quarter 2010 was 10.6 percent, up from 10.2 percent a year ago.
- In principal cities – vacancy rate for 1st quarter 2010 was 11.3 percent, up from 10.6 percent a year ago.
- In the Suburbs – vacancy rate for 1st quarter 2010 was 9.8 percent, up from 9.5 percent a year ago.
- Outside MSA’s – vacancy rate for 1st quarter 2010 was 10.7 percent, up from 9.8 percent a year ago.
- Northeast Region – vacancy rate for 1st quarter 2010 was 7.5 percent, up from 6.9 percent a year ago.
- Midwest Region – vacancy rate for 1st quarter 2010 was 11.0 percent, up from 10.1 percent a year ago.
- South Region – vacancy rate for 1st quarter 2010 was 13.2 percent, up from 12.9 percent a year ago.
- West Region – vacancy rate for 1st quarter 2010 was 9.0 percent, up from 8.6 percent a year ago.
Housing Inventory:
- Occupied Rental Units – 36,785 units in first quarter 2010, up from 36,237 a year ago
- Vacant For Rent Units – 4,428 units in first quarter 2010, up from 4,131 a year ago.
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