The rental vacancy rate rose 0.4 ppts YoY to 7.0% in Q2 2025, the highest since 2020, while the homeowner vacancy rate increased 0.2 ppts to 1.1%, matching Q1’s rate.

• Homeownership edged down to 65.0% in Q2 2025 from 65.6% in Q1, its lowest since Q4 2019.
• Vacancy rates rose across all regions YoY, with the South seeing the largest jump in rental vacancies (+0.9 ppts to 6.3%) and the Midwest leading homeowner vacancy increases (+0.4 ppts to 1.5%).
• Rental vacancies were highest in principal cities (7.6%) and lowest in the West (5.7%) in Q2.
• Homeowner vacancies remained lowest in the Northeast (0.8%) and highest in the Midwest (1.5%) in Q2.
• The national homeownership rate has declined for two straight quarters and is down -0.6 ppts YoY from 65.6% in Q2 2024.