Rental Vacancy by Region: The Latest Census Numbers for Apartment Investors
Rental vacancy is one of the first numbers an apartment investor looks at, and one of the easiest to misread. The Census Bureau's Housing Vacancy Survey gives vacancy by region each quarter. The most recent release we confirmed covers the second quarter of 2026, published July 28, 2026. This post lists those figures, compares them with a year earlier and explains how to use them without treating a regional average as a forecast for one property.
The figures are from the Census release. They describe the housing market as a whole, not any particular building, and they are not a forecast.
The regional figures
| Measure | Second quarter 2026 | Comparison |
|---|---|---|
| National rental vacancy rate | 7.3 percent | Virtually the same as the first quarter of 2026 (7.3 percent); not statistically different from the second quarter of 2025 (7.0 percent) |
| South | 9.5 percent | The highest of the four regions |
| Midwest | 6.9 percent | Between the Northeast and the South |
| Northeast | 5.9 percent | Not statistically different from the West |
| West | 5.3 percent | Not statistically different from the Northeast |
| National homeowner vacancy rate | 1.2 percent | Shown for context; this is the rate for owner-occupied housing |
| National homeownership rate | 65.0 percent | Virtually the same as the second quarter of 2025 (65.0 percent) |
Census describes the national rental vacancy rate as essentially flat. A difference that Census calls not statistically different should not be read as a change. Keep that in mind when you compare quarters.
How to use these numbers in a deal
Start with the right geography. The South figure describes the South, not a city within it. A Dallas deal and a Charlotte deal both sit in the South, and their local vacancy can differ from the regional average. Pull the market and submarket figures for the deal's own location, and use the regional number as context.
Compare the vacancy assumption with the local number. A deal's projections assume an occupancy rate. Check that the assumption is in line with the local market, and say which source it came from. Our post on economic vs physical occupancy explains why the assumption is more than a single percentage.
Name the release and the quarter. Write "Census Housing Vacancy Survey, second quarter 2026" next to the figure in any investor update or offering document. An investor who sees a bare percentage cannot check it.
Do not read a vacancy rate as a return. A low vacancy rate does not guarantee rent growth, and a high one does not guarantee a loss. Projected returns depend on rent, expenses, debt and the business plan. Our guide to how projections work explains the link.
What the figure does not tell you
- It does not describe a single property's condition, class or rent levels. Our post on apartment property classes A, B and C covers why class matters.
- It does not show the cause of a regional gap. Census reports the rate, not why it differs.
- It is a survey estimate, so the release notes its margins. Check those in the full release before you quote a small change.
Sources
- Census Bureau: Housing Vacancies and Homeownership, current release
- Census Bureau: second quarter 2026 Housing Vacancies press release (PDF)
- Census Bureau: Housing Vacancies and Homeownership, historical tables
- Census Bureau: HVS definitions and explanations (PDF)
This article is general information, not legal, tax or investment advice, and it is not a market forecast. DoorRaise does not project rents, vacancy or returns for any deal. Figures are from the Census Bureau's second quarter 2026 release and may be revised.