Some 5.5 million homes are lying vacant in America’s 50 biggest cities, yet a historically low housing inventory of 1 million homes is contributing to the least affordable market in decades.
New Orleans, Miami and Tampa have the highest vacancy rates in the US. Between them an average of nearly 13 percent of all homes are unoccupied, according to a study by Lending Tree, which ranked the 50 biggest metro areas in the US.
In those three metros combined there are 600,000 vacant units.
However, vacancy rates are lowest in Minneapolis, Austin and Washington, DC, the only three cities where they were less than 5 percent. Between them are another 245,000 units.
Housing units are considered vacant when they are secondary homes, short-term rentals, abandoned , foreclosed, or investment properties. Empty homes up for sale are also included in the count.
Some 5.5 million homes are lying vacant in America’s 50 biggest cities, according to a study by Lending Tree
In Miami and Tampa, the most common reason for vacancies is that units are for seasonal, recreational or occasional use. Pictured is an aerial view of Tampa, Florida
New Orleans, with a vacancy rate of 13.9 percent ha nearly 81,000 vacant units, while Miami, with a vacancy rate of 12.7 percent has 339,000 empty houses. It’s followed by Tampa, Florida; Birmingham, Alabama and Riverside, California.
In Miami and Tampa, the most common reason for vacancies is that units are for seasonal, recreational or occasional use.
High vacancy rates and home prices could suggest an area has uniquely attractive features, like being a popular vacation spot or target of investors, according to Lending Tree.
And according to the US Census Bureau, the largest category of vacant housing in the US is classified as ‘seasonal, recreational or occasional use’.
Total short-term rental supply in the US reached 1.38 million in September, up 23 percent compared with the same time last year, according to NerdWallet.
The city of Bozeman, Montana, is considering a ban on short-term vacation lets like Airbnbs for the strain they are said to be putting on the area’s housing market.
Austin’s vacancy rate was 4.57 percent. It had a total of 48,000 vacant units. Pictured is a aerial view of the buildings along the banks of the Colorado River in Austin, Texas
Bozeman, Montana, is considering a crackdown on Airbnb after locals complained short-term holiday lets had pushed up prices in the city
Residents say the rising numbers of second homeowners that buy properties in the mountain city and then rent them out on vacation let sites such as Airbnb and Vrbo is contributing to a shortage of housing for locals.
Terry Cunningham, the cities deputy mayor, told DailyMail.com in June: ‘Homes are disproportionately owned by retirees and investors – but they won’t staff our workforce.’
Bozeman is among dozens of areas across the US calling for a crackdown on short-term vacation lets.
Minneapolis has the smallest vacancy rate of just 4.51 percent and 70,000 empty units. Austin’s vacancy rate was 4.57 percent, whereas Washington DC’s was 4.98 percent. In all three the most common reason homes were vacant is that they were up for rent.
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