ENHOUSING, MULTIFAMILY & REAL ESTATE FINANCE · OCTOBER 30, 2026
Rental Vacancy Rate Rises While Homeownership Holds Broadly Steady
Census reported a 7.6% national rental vacancy rate in the third quarter, above both the prior quarter and year, while the homeowner vacancy rate was 1.2% and homeownership was 65.5%.
What Census released on October 28
Source publication date: October 28, 2026. The Census Bureau estimated a national rental vacancy rate of 7.6% in the third quarter, above 7.3% in the second quarter and 7.1% in the third quarter of 2025. The homeowner vacancy rate was 1.2%, virtually unchanged from both comparison periods. The estimates are survey-based national measures and do not determine occupancy or value for a specific property.
- 01Rental vacancy was 7.3% in Q2
- 02Homeowner vacancy held at 1.2%
- 03Homeownership was 65.5%
Homeownership was statistically similar to recent comparisons
The national homeownership rate was estimated at 65.5%. Census said it was not statistically different from 65.0% in the second quarter or 65.3% one year earlier. National ownership and vacancy rates can mask wide differences by region, metro area, household segment, unit type, vintage, rent level, amenities, local employment, and new supply.
Vacancy affects more than headline rental revenue
For multifamily and housing-linked businesses, higher vacancy can interact with concessions, bad debt, turnover, marketing, repairs, utilities, staffing, taxes, insurance, and capital spending. Scheduled rent is not the same as collected income, and a stable national homeownership rate does not prove demand for a specific rental market, subdivision, property manager, contractor, or housing-related operator.
Practical borrower takeaway
Reconcile the current rent roll to executed leases, deposits, collections, delinquency, concessions, move-ins, move-outs, renewals, and unit readiness. Compare the property with current local supply, asking rents, absorption, and employment evidence. Stress higher economic vacancy, slower lease-up, concessions, expense growth, and lower valuation, then confirm DSCR, debt yield, liquidity, reserves, and refinance proceeds under lender-specific assumptions.
Multifamily and housing-linked borrowers should rely on property-level rent rolls, collections, concessions, local supply, expenses, and lease-up evidence and stress higher vacancy rather than applying a national rate directly to underwriting.
Discuss a financing need →This independent summary is based on the cited source and is provided for general educational purposes only. Terms and program requirements may change.