Did you know: 35 percent of the metropolitan areas had falling residential vacancy rate between Q3 2009 and Q1 2010?
The map displays the change in residential vacancy rates by metropolitan area between the last quarter of 2009 and the first quarter of 2010. The metropolitan areas colored in yellow have seen decline in the residential vacancy rate during that period. Overall, 129 metropolitan areas (or 35 percent) had falling vacancy rates. Largest declines over the past quarter were in Kokomo, IN; Punta Gorda, FL; Fairbanks, AK; Fort Wayne, IN; Guayama, PR; Las Cruces, NM; and New Orleans-Metairie-Kenner, LA. In contrast, metropolitan areas colored in bright red suggest largest increases in vacancy rates, ranging between 0.7 percentage points and 1.4 percent points. Those metropolitan areas include: Bangor, ME; Hinesville-Fort Stewart, GA; State College, PA; Lewiston-Auburn, ME; and Santa Fe, NM.
Over the past year, largest decline in residential vacancy rate was seen in Fairbanks, AK, dropping almost 3 percent points. Following were several metropolitan areas in Florida, including Sebastian-Vero Beach, FL (2.13 percent points decline); Palm Bay-Melbourne-Titusville, FL (1.63 percent points decline); and Orlando-Kissimmee-Sanford, FL (1.16 percent points decline). In addition, New Orleans-Metairie-Kenner, LA, and Goldsboro, NC, also saw significant declines in vacancy rates, falling 1.91 percent and 1.42 percentage points, respectively.
Yet, many of the metropolitan areas seeing large increases in vacancy rates over the last quarter have in fact also seen largest increases over the whole year. For example, there was 3.5 percentage point increase in residential vacancy rate in Bangor, ME. Similarly, Hinesville-Fort Stewart, GA; State College, PA; and Lewiston-Auburn, ME, saw the same trend continue over the entire year. In addition, Portland-South Portland-Biddeford in Maine had the second-largest increase of 2.7 percentage points over the last year. Carson City, NV, and Lima, OH, ranked 6th and 7th.
Copyright National Association of Realtors. Reprinted with permission.
