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Sunday, November 24, 2024

Illinois ranked 10th in nation with rental vacancy rate of 7.9% in Q2 2022

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Illinois ranked 10th in the nation in the second quarter with a rental vacancy rate of 7.9 percent, according to the U.S. Census Bureau.

The rental vacancy rate is the proportion of the homeowner inventory vacant for rent at the time of the survey.

Vacancy rates are a leading economic indicator used by economic forecasters and the federal government to gauge the current economic climate.

The bureau compiles data from a sampling of approximately 72,000 occupied and vacant housing units across the country and the District of Columbia. The bureau also collects information on homeownership vacancies, as well as certain characteristics about housing units, such as the age of household members, family status, race/ethnicity and median family income.

Rental Vacancy Rates by State in Q2

RankStateRental Vacancy Rate
1North Dakota11%
2Kansas10.8%
3Tennessee8.9%
4Indiana8.7%
5District of Columbia8.5%
6Arkansas8.4%
7Mississippi8.1%
8Minnesota8%
8Florida8%
10Illinois7.9%
11Georgia7.6%
12Texas7.4%
13West Virginia7.3%
13Oklahoma7.3%
15Missouri6.9%
15Alabama6.9%
17New Mexico6.6%
17Louisiana6.6%
19Iowa6.5%
20South Carolina6.3%
21Wyoming6%
22Arizona5.5%
23Ohio5.4%
23North Carolina5.4%
23Hawaii5.4%
26Nebraska5.2%
26Michigan5.2%
28Nevada4.8%
29Utah4.7%
29South Dakota4.7%
31Virginia4.5%
31New Hampshire4.5%
33New York4.4%
34Pennsylvania4.3%
35Maine4.1%
35California4.1%
35Alaska4.1%
38Washington4%
38Colorado4%
40Rhode Island3.9%
40Maryland3.9%
42Kentucky3.8%
42Idaho3.8%
44Montana3.6%
45Oregon3.3%
46Wisconsin3.2%
46New Jersey3.2%
48Massachusetts2.7%
49Delaware2.6%
50Vermont2.4%
51Connecticut2.1%

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