Sunday, 2 September 2012

The Top 5 Emptiest Cities in America

With the bursting of the recent housing bubble in the late 2000 comes the spike in vacant homes. According to the Census Bureau, vacant properties have increased by 44% across the nation since the year 2000, most of which belong to the unoccupied rental property category. In fact, the total gross vacancy rate as of 2011 has increased to 10.6%.

So, if you are a real estate investor looking to acquire more properties to generate rental income, then it would help you a lot to know which cities in America have the highest vacancy rate. Below are the top five emptiest cities in the country, based on their 12-month averages.

5. Richmond, Virginia

Rental Vacancy Rate: 15%
Homeowner Vacancy Rate: 2.4%

The 15% rental vacancy rate of Virginia's capital is the fourth highest among major cities in the country. In addition, figures that came out for the first quarter of 2012 show a whopping 19% rental vacancy rate. On a brighter note, home vacancy rate sits lower at 2.4%.

4. Detroit, Michigan

Rental Vacancy Rate: 16.9%
Homeowner Vacancy Rate: 1.7%

With an unemployment rate of 10%, Detroit is definitely gravely hit by the recent recession. Amazingly, the homeowner vacancy rate is below the nation's average of 2.18%.

3. Memphis, Tennessee

Rental Vacancy Rate: 15%
Homeowner Vacancy Rate: 3%

Tennessee's 15% rental vacancy rate is the fifth highest in the country, while its homeowner vacancy rate of 3% is the 13th highest.

2. Dayton, Ohio

Rental Vacancy Rate: 11.3%
Homeowner Vacancy Rate: 5.4%

Dayton City holds the record for the highest homeowner vacancy rate in the country. The good news is, their 5.4% average vacancy rate is much lower than the Q3 2011 rate of 6.5%.

1. Orlando, Florida

Rental Vacancy Rate: 18.8%
Homeowner Vacancy Rate: 2.2%

At 18.8% rental vacancy rate, Orlando in Florida is the nation's most vacant city. In fact the first quarter of 2012 shows a higher figure at 22%. On the bright side, other economic indicators in Orlando seem to be better than the other states. The city keeps $125 million cash as a general fund and has over $1.1 billion total assets.

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