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Thursday, November 21, 2024

New Jersey ranked 45th in nation with rental vacancy rate of 3.3% in Q3 2022

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New Jersey ranked 45th in the nation in the third quarter with a rental vacancy rate of 3.3 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 Q3

RankStateRental Vacancy Rate
1Arkansas12.9%
2North Dakota12.4%
3Missouri9.6%
4Alabama9.3%
5Oklahoma9%
5Minnesota9%
7Indiana8.8%
8Iowa8.6%
8Hawaii8.6%
10North Carolina8.3%
11Texas8.1%
12Mississippi8%
13Tennessee7.8%
13Louisiana7.8%
15Illinois7.7%
15District of Columbia7.7%
17Florida7.6%
18Wyoming7.3%
19Kansas6.9%
20Georgia6.7%
20Arizona6.7%
22Michigan6.6%
23West Virginia6.4%
24Alaska6.2%
25Nevada5.9%
25Nebraska5.9%
27South Dakota5.8%
28Washington5.5%
28Rhode Island5.5%
30New Mexico5.4%
31Pennsylvania5.3%
32Kentucky5.1%
33Utah5%
33Colorado5%
35Ohio4.9%
36Wisconsin4.5%
37New York4.3%
37Idaho4.3%
39Vermont4.2%
39South Carolina4.2%
39Maryland4.2%
42California4.1%
43Delaware3.7%
44New Hampshire3.6%
45Virginia3.3%
45New Jersey3.3%
47Oregon3%
47Massachusetts3%
49Maine2.9%
50Montana2.5%
51Connecticut2%

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