Do you know how your market stacks up against other markets when it comes to vacancy rates? In this study, “LendingTree Ranks Metros with the Highest Vacancy Rates,” you’ll get an insightful survey into vacancy rates and how they impact homeowners and buyers.
Some findings:
The top three cities with the highest vacancy rates are all in Florida. They include Miami (#1 – 17.09%), Orlando (#2 – 15.93%), and Tampa, (#3 – %15.25). Combined, these cities have nearly 800,000 vacant homes.
Cities with the lowest vacancy rates?
- San Jose, CA (4.26% – 28,846)
- Minneapolis (4.96% – 70,796)
- Denver (5.25% – 60,809)
Generally speaking, in metros with high vacancy rates, “homebuyers will usually have more choice regarding the kinds of homes they can buy and more leeway when it comes to negotiating prices.” While in metros with low vacancy rates, “homeowners will often be able to sell their homes quickly and for higher prices.”
Vacancy also has an impact on refinancing. According to the piece, “Banks look at whether or not a home’s equity has increased to help determine whether or not a person qualifies for home refinancing. Areas with lower vacancy rates are more likely to see home values rise.”
Check out the full ranking here:
https://www.lendingtree.com/home/mortgage/highest-vacancy-rates/
