In markets where there are jobs, but vacancy rates are meager, and housing is scarce, individuals and the economy struggles. It’s not only harder than ever to buy a home, but the events that usually coincide with purchasing a home, such as marriage and the birth of children are coming much later in life for this generation. Their buying and rental strategies price out many prospective homebuyers but also affect the segment of the rental market with smaller rental property portfolios.Private investors, landlords, and property owners are directly affected by the instability created when their tenants become excessively housing cost-burdened.
The rate … Staying current is easy with Crain's New York news delivered straight to your inbox, free of charge Whether it was an older occupant who had lived in one home most of their adult life or a relatively new homeowner who found themselves underwater with the mortgage and unable to stay in their home, Americans were moving out at rates not seen before. In these areas, vacancy rates can climb to levels that affect entire neighborhoods.

Property owners who are unable to afford to maintain them without tenants may become foreclosed on themselves or simply walk away. Zillow estimates that only 42% of its rental listings are attainable for households making the median U.S. income. Most of the new construction of apartments or multi-family units are intended for renters with higher income, with developers planning and executing one block of luxury apartments after another in big metro areas.Older housing and apartments aren’t necessarily affordable either.

Millennials are increasingly choosing to rent instead of buying a home. The vacancy charts below for the top 75 cities in the US housing market reflect the wild disparity in national occupancy rates. The occupancy rates reported are calculated using data collected in IMS/PIC. The larger portion of the upper floors would be apartments. Since the housing market crash and the Great Recession, most of the new households formed in the United States were renter households. There are some restraints and considerations when commercial spaces are repurposed, due to older building materials like asbestos and lead paint being dangerous.

The median rental vacancy rate in the United States has hovered around 7%, and in dense urban areas, 2% to 4% is an acceptable rental vacancy rate. High vacancy rates in the market may indicate the area is oversaturated or not as attractive to potential tenants. Brooklyn had about 3,600 listings last month, an 84.2% increase year over year, while northwest Queens had 648 listings, a 69.2% increase. These areas have typically suffered considerable population loss, poverty, and sustained lack of civic engagement.

After 2008, vacancy rates exploded. In old cities like Detroit, Baltimore, and Cleveland, there are more vacant properties than occupied ones, and this has caused far-reaching, devastating effects on neighborhoods.Vacant properties can be used to revitalize communities and help ease the demand. These rental property owners may not feel the squeeze as much but they have unprecedented influence over their markets. Even with the construction boom of new multifamily properties, demand continues to rise for rental apartments and single-family homes. Households who spend more than 50% of their income on housing are considered to be severely cost-burdened. In 2005, there were 9.5 million homes considered vacant, and in 2010, the number had climbed to 12 million.The rise of rental vacancy didn’t only occur in “legacy” cities like Detroit, with entire swaths of neighborhoods sitting empty and decaying. by zip code also were located in these metropolitan regions, and while the renters in these neighborhoods are predominantly discretionary renters, the difference is eye-popping between the Hamptons in New York, and Wichita, Kansas.The most expensive states to rent in are Hawaii, California, Massachusetts, District of Columbia, New York, and New Jersey. These areas have typically suffered considerable population loss, poverty, and sustained lack of civic engagement.Housing vacancy can cause tremendous problems in regions already ravaged by economic and social transformation.
Check out how vacancy rates have changed over time.We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Vacant units do not produce income. See HPD's Rent Regulation Memos based on the 2017 NYCHVS.

Affordability is an issue for both renters and homeowners.


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