Rental Vacancy Rate Hits New Low In Urban Areas

March 3, 2017

It can be tough to find an apartment when all the units are occupied.

Zillow reports that the urban rental vacancy rate dropped to a new all-time low of 6.7 percent in 2016. Cities such as San Diego, Los Angeles, Seattle, and San Francisco are among the exceptionally tight markets.

The suburban rental vacancy rate is even lower, at 6.3 percent last year. The rural vacancy rate sits at 9.4 percent.

In 2016, rental vacancy rates fell most in the Great Lakes region, the South and Southern California, and increased the most in New England, South Florida and Northern California. Among the 75 markets covered, Cincinnati and Toledo, Ohio, experienced the largest drops in the rental vacancy rate; Charleston and Oklahoma City saw the largest increases.

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