Low vacancy rates can signal high demand and tight inventory for a housing market. The Census Bureau's latest Current Population Survey includes data on homeownership and housing vacancy in 2017.
One of the metrics in the survey was year-round vacancy rates, not including seasonal homes and group housing like college dorms or military barracks, explains Business Insider. Six states had the lowest year-round vacancy rates, between 6.0 and 8.5 percent, suggesting the strength of demand in their markets, and the limits of their housing supply. Wisconsin's rate was the lowest vacancy rate recorded at 6.0 percent, and California had the highest low vacancy rate at 7.0 percent.
Housing markets across the US are starting to get dramatically tighter, with rents skyrocketing and housing supplies becoming scarcer, suggesting a new housing crisis. In some markets, prospective homebuyers are increasingly likely to place bids on homes without seeing them firsthand.
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