Massachusetts Has the Tightest Vacancy Rate for Rental Properties
Maine, Utah, Kentucky, and Montana follow Massachusetts, which has a vacancy rate of 2.8%.
Massachusetts has the lowest vacancy rate of rental homes in a recent study, followed by Maine, Utah, Kentucky, and Montana.
According to TexasRealEstateSource.com, utilizing US Census Bureau data, Massachusetts has the tightest vacancy rate for rental properties at 2.8%, followed by Maine at 2.9%, Utah at 3%, Kentucky at 3.1% and Montana at 3.3%.
New York, California, Oregon, Colorado, Rhode Island and New Hampshire round out the top 10, with all states at vacancy rates of 4% or less.
The study also examined average vacancy rates for homeowner properties, which posted much lower vacancy rates overall. Maine and Tennessee tied for first place at 0.2%, followed by Colorado and Virginia at a joint second at 0.4%. Georgia, Kentucky, Maryland, Mississippi, New Hampshire, South Dakota, and Wisconsin all had a homeowner vacancy rate of just 0.5%.
Commenting on the findings, a spokesperson for TexasRealEstateSource.com said: “What can be gathered from this data is the fact that rental properties have a larger percentage of vacancies than homeowner properties, with the percentage of vacant rental properties being more than three times higher in certain states. It’s also interesting to see that there isn’t necessarily a concentration of states where most properties are lived in, with the top ten featuring states from all over the US.”