California The Nation’s Lowest Vacancy Rate
According to an article, written by Jonathan Lansner and published in The Mercury News on March 5, 2018, California has had the lowest vacancy rate in the nation the last 5 out of 7 years. These stats pertain to both ownership properties as well as rental properties.
In the 2 out of 7 years that California did not rank #1 lowest vacancies, 2011 and 2013, California ranked #2.
What this means for buyers and tenants is that vacant and available properties in the Golden State are harder to come by these days.
According to this article, low vacancy rate is not just a problem in California. Eleven other states in the nation also hit a 12-year low in 2017. Other states with low vacancy rates include Minnesota, Colorado, Oregon, and DC.
Higher vacancy rates can be found in North Dakota, Mississippi, New Mexico, Idaho and New Jersey according to Mr. Lansner’s research. He also mentions that high vacancy rates also affect states with seasonal employment and areas where many people own 2nd homes like Maine, Florida, Alaska, Vermont, and Arizona.
If you need help finding available property, in this tight market, please visit our How May We Help You page.
Also, here’s the link if you’d like to read Mr. Lansner’s entire article, Hardest state to find empty housing? California!