U.S. Home Vacancy Rate Falls to 24-Year Low

Housing Inventory Low

Demand for U.S. housing is quickly outpacing the supply of homes, according to United States Census Data. In the 2019 first quarter, the vacancy rate for single-family, owner-occupied homes dropped to 1.2%, the lowest point since 1995. Among multi-family rentals, the vacancy rate rose to 8.3% in the first quarter, but that still remains near historic lows. The problem lies in a lack of construction. For all of 2018, 1.5 million new households were added to the U.S. but only 1.2 million new housing units were built.