Cities With the Most Vacant Homes for Sale or Rent

Photo by Michael Gordon / Shutterstock.com

There is some bad news for people hoping to find a good deal on a home to rent or buy: The vacancy rate for American homes fell by 9.3 percent over the past two quarters, a new report shows.

RealtyTrac’s analysis of residential property vacancies for the first quarter of this year, which was released this week, shows that only 1.6 percent of residential properties were vacant at the beginning of February.

Daren Blomquist, RealtyTrac vice president, says most U.S. real estate markets have too few vacant homes. In a press release, he explains the possible side effects of such a low vacancy rate:

“The razor-thin vacancy rates in many markets are placing upward pressure on home prices and rents. While that may be good news for sellers and landlords, it is bad news for buyers and renters and could be bad news for all if prices and rents are inflated above tolerable affordability thresholds.”

RealtyTrac’s analysis is based on the real estate website’s address-level property data for nearly 85 million U.S. residential properties, defined as those with one to four units. This data — which includes foreclosure status, owner-occupancy status and equity — was then cross-checked against the U.S. Postal Service’s updated data on properties that have been flagged as vacant by the postal carrier.

The analysis included 147 metropolitan areas with at least 100,000 residential properties.

The areas with the highest vacancy rates are:

  • Flint, Michigan (7.5 percent)
  • Detroit (5.3 percent)
  • Youngstown, Ohio (4.4 percent)
  • Beaumont-Port Arthur, Texas (3.8 percent)
  • Atlantic City, New Jersey (3.7 percent)

Other major metropolitan areas with vacancy rates above the national average include:

  • Indianapolis (3 percent)
  • Tampa , Florida (2.9 percent)
  • Miami (2.8 percent)
  • Cleveland (2.8 percent)
  • St. Louis (2.6 percent)

At the other end of the spectrum, the areas with the lowest vacancy rates are:

  • San Jose, California (0.2 percent)
  • Fort Collins, Colorado (0.2 percent)
  • Manchester, New Hampshire (0.3 percent)
  • Provo, Utah (0.3 percent)
  • Lancaster, Pennsylvania (0.3 percent)
  • San Francisco (0.3 percent)

Other major metropolitan areas with vacancy rates below the national average include:

  • Los Angeles (0.4 percent)
  • Boston (0.5 percent)
  • Denver (0.5 percent)
  • Washington, D.C. (0.5 percent)

What’s your take on falling vacancy rates? Has your area been affected by them? Share your thoughts below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Big Purchases You Should Never Make
7 Big Purchases You Should Never Make

Sometimes a big-ticket purchase is nothing more than a big waste of money.

The Annuity Everyone Needs — and Anybody Can Get
The Annuity Everyone Needs — and Anybody Can Get

This simple strategy can put more money in your pocket during retirement.

10 Products That Upgrade Your Home for Less Than $45
10 Products That Upgrade Your Home for Less Than $45

Make a fresh start with these affordable Amazon buys.

This Chase Card Is Great for Groceries and Cash Back on Everything
This Chase Card Is Great for Groceries and Cash Back on Everything

You could earn more than $600 cash back in your first year just from grocery shopping.

7 Ways Coupons Waste Your Money and Time
7 Ways Coupons Waste Your Money and Time

Here’s why I hung up my scissors and quit clipping coupons.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

10 Useless Purchases You Need to Stop Making
10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

7 Social Security Rules Everyone Should Know by Now
7 Social Security Rules Everyone Should Know by Now

Confusion over Social Security is a shame, considering how many of us will need this money badly.

Why Your Next Stimulus Check Might Be Bigger Than You Expect
Why Your Next Stimulus Check Might Be Bigger Than You Expect

Your third coronavirus payment will be the biggest yet — and possibly even bigger than you realize.

9 Shopping Mistakes to Avoid at Costco
9 Shopping Mistakes to Avoid at Costco

Are you missing out on serious savings at your favorite warehouse club?

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

They don’t make coffee makers like this anymore.

The 16 Cars Most Likely to Last 200,000 Miles
The 16 Cars Most Likely to Last 200,000 Miles

One automaker takes half the spots on a list of the longest-lasting vehicles.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

Is Writing a Check Still Safe?
Is Writing a Check Still Safe?

Every time you pay by check, you hand your bank account numbers to a stranger.

6 Ways to Protect Your Retirement Accounts From Hackers
6 Ways to Protect Your Retirement Accounts From Hackers

Imagine having $245,000 stolen from your retirement account — and not being reimbursed.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

This Is the Most Dependable Car Brand in the U.S.
This Is the Most Dependable Car Brand in the U.S.

This brand’s vehicles are least likely to give drivers repair headaches, according to J.D. Power.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Hidden Sections of Amazon Every Shopper Should Know
7 Hidden Sections of Amazon Every Shopper Should Know

These little-known departments of Amazon are gold mines for deal-seekers and impulse shoppers alike.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.