Know Your Indicators: Vacancy Measures Erin Browne Economist Economic & Market Analysis Division Office of Economic Affairs.

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Presentation transcript:

Know Your Indicators: Vacancy Measures Erin Browne Economist Economic & Market Analysis Division Office of Economic Affairs

Overview Vacant units available for rent or for saleVacant units not available for rent or for saleData sources for vacancy measures

Vacant Units Available for Rent or for Sale Vacancy Rate A ratio of available units and total units. One of the most important measures for determining housing market conditions. Fluctuates with rents and sales prices in response to demand-supply conditions. Typically vacancy rates will change before rents or sales prices.

Vacancy Rate Calculation Vacant Available Units Vacant Available Units + Occupied Units Vacancy Rate Applied to both sales and rental markets.

Balanced Vacancy Rate Each housing market has its own balanced vacancy rate set by: –Household Growth –Construction Levels Housing Markets with greater household growth and construction levels require a higher balanced vacancy rate to handle the volume of turnover generated and for optimal market conditions. This is one reason there are regional differences in vacancy rates.

Rental Vacancy Rates vs. Sales Vacancy Rates RentalSales HigherLower VolatileStable

Vacancy Rates by HUD Regions Source: U.S. Census Bureau; 2008 American Community Survey

Vacant Units Not Available for Rent or for Sale Rented Not Occupied Sold Not Occupied Seasonal, Recreational, and Occasional Use For Migrant Workers Other Vacant

Vacancy Data Sources SourceProsCons Decennial CensusAvailable by census block. Free. Only available every 10 years. Starting with 2010, less detail will be available. American Community Survey Detailed data for most geographies. Available annually. Free. Sampling can cause erratic trends in data. Data CompaniesTypically released monthly or quarterly. Detailed data. Limited scope of coverage. Cost. United States Postal Service Available quarterly. Available by census tract. Free. Data is not detailed.

Vacancy Data Sources SourceProsCons American Housing Survey Great detail. Available every other year. Free. Limited geographic coverage. Current Population Survey/ Housing Vacancy Survey Available annually. Free.Data is not detailed. Limited geographic coverage. Local Utility DataLocal geographic coverage. Timely data. Typically free. Data is typically not detailed. Universities and State and Local Governments Timely data. Typically free or for a small fee. Depends on collection methods and geography.

Free Data Sources United States Postal Service American Housing Survey Decennial Census American Community Survey Current Population/ Housing Vacancy Survey American Housing Survey QUESTIONS? Telephone: