The national rental vacancy fell to 8.6% in the second quarter the Department of Commerce Census Bureau reports. Furthermore, the vacancy rates for rentals were 6.7% with this number being the largest at 11% in the southern parts of the United States.
Meanwhile, there is another trend appearing in the rental word. Rental prices are dropping and the asking rental costs are on average $716/m. The two patterns are competing with one another. As vacancy rates continue to fall, rent will be rising. To complicate the dynamics more, investors have been purchasing single family homes to turn into rentals. How the rental market will adjust from this point on is anyone’s guess!