The marginal dip in the seasonally-adjusted homeownership rate in the third quarter is another indication of the impact of low inventory on the housing market. Indeed, the homeowner vacancy remains close to a 17-year low. But frustrated first-time buyers can at least look forward to increased choice in the rental market, where the increase in multifamily housing starts over the past couple of years has helped pushed the rental vacancy rate to its highest level since the start of 2014.
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