National Vacancy Rates Increase For The First Quarter Of 2008

National vacancy rates in the first quarter 2008 were 10.1 (+ 0.4) percent for rental housing and 2.9 (+ 0.1) percent for homeowner housing, the Department of Commerce’s Census Bureau announced today. The Census Bureau said the rental vacancy rate was not statistically different from the first quarter rate last year (10.1 percent), but was higher than the rate last quarter (9.6 percent). For homeowner vacancies, the current rate was not statistically different from the first quarter 2007 rate or the rate last quarter (2.8 percent each). The homeownership rate at 67.8 (+ 0.5) percent for the current quarter was lower than the first quarter 2007 rate (68.4 percent), but not statistically different than the rate last quarter (67.8 percent).

For rental housing by area, the first quarter 2008 vacancy rates inside principal cities (9.7 percent), in the suburbs (10.3 percent), and outside Metropolitan Statistical Areas (MSA’s), 10.7 percent, were not statistically different from each other. When compared to a year ago, the rental vacancy rates by area were also not statistically different from their corresponding rates.

The homeowner vacancy rate in principal cities (4.3 percent) was higher than in the suburbs (2.5 percent) and outside MSA’s (2.3 percent), although the rates in the suburbs and outside MSA’s were not statistically different from each other. When compared to a year ago, the homeowner vacancy rates by area were not statistically different from their corresponding rates.

Among regions, the rental vacancy rates for the current quarter were highest in the South (12.7 percent) and the Midwest (11.8 percent), although the 12.7 percent and 11.8 percent were not statistically different from each other. The rates were lowest in the Northeast (7.3 percent) and the West (7.0 percent), although the 7.3 percent and 7.0 percent were not statistically different from each other. The rental vacancy rates by region were not statistically different from their respective rates a year ago.

Regional homeowner vacancy rates for first quarter 2008 were lowest in the Northeast (2.0 percent). The rates in the Midwest (2.9 percent), the West (3.2 percent), and the South (3.2 percent) were not statistically different from each other. In the West, the homeowner vacancy rate was higher than a year ago, while the rates in the Northeast, the Midwest, and the South were not significantly different from their respective rates last year.

There were an estimated 129.4 million housing units in the United States in the first quarter 2008. Approximately 110.8 million housing units were occupied: 75.1 million by owners and 35.7 million by renters. The number of owner-occupied housing units was not significantly different than a year ago, while the number of renter-occupied units was higher than the first quarter 2007 estimate. Of the 2.1 million increase in total housing units, 1.1 million were occupied and 1.0 million were vacant units. Of the 1.0 million additional vacant units from last year, only 20.5 percent were for rent or for sale. The number of total vacant housing units, 18.6 million, was higher than the estimated number in first quarter 2007. Of these vacant housing units, 13.9 million were for year-round use and 4.7 million were for seasonal use. Approximately 4.1 million of the year-round vacant units were for rent, 2.3 million were for sale only, and the remaining 7.5 million units were vacant for a variety of other reasons.