Residential vacancies continue downward slope in Q2

Homeownership has declined, while more people are renting.

The U.S. Census Bureau recently reported that the residential vacancy and homeownership rates have declined around the country during the second quarter, which may mean that more potential renters are looking toward property management companies to find a place to live.

The national vacancy rate during the quarter was 8.6 percent, which was 0.6 percentage points lower than the same point in 2011, the report explained. In addition, it was still 0.2 percentage points below the first quarter's statistic.

Homeowner vacancies fell to 2.1 percent, which was 0.4 percentage points lower than the second quarter of last year, as well as 0.1 percentage points lower than the previous quarter. However, the rate of homeownership dropped to 65.5 percent during the second quarter, which was 0.4 percentage points lower than the same point last year.

With homeownership rates dropping, this could mean that the rental situation may continue to head in a positive direction, as there are still significant rental opportunities left compared to the current home inventory.

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