Given the number of existing homes for sale recently dropped to a record low, it is no surprise that the homeowner vacancy rate fell to 1.5% in the first-quarter, the joint-lowest rate for 24 years. That has put a stop to what had been a gradual rise in the homeownership rate. It is also supporting rental demand. Despite a large rise in the number of rental apartments hitting the market over the past couple of years, the multifamily rental vacancy rate has held steady at just over 8% for the past six-months.
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