8.3% Rental Vacancy Rate in Georgia, 12th Highest in U.S.
Tuesday, June 4th, 2024
The rental vacancy rate—or the proportion of rental homes that are vacant in a given area—is an important economic indicator because it signals the balance between supply and demand for rental housing. High vacancy rates indicate an ample supply of rental properties, fostering competition among landlords and placing downward pressure on rent prices, which can lead to improved affordability for renters. Conversely, low vacancy rates indicate a shortage of rental units, driving up prices as demand outstrips supply.
To determine the locations with the highest rental vacancy rates, researchers calculated the percentage of rental homes that were vacant in 2023, then ranked states accordingly.
These are the key takeaways from the report, highlighting some key stats for Georgia:
-
Despite recent increases in construction activity, which have nudged the national rental vacancy rate up to its current level of 6.6% as of the first quarter of 2024, it is still below the historical average of 7.3%.
-
The relatively low rental vacancy rate and high rent prices together have caused renters to designate increasingly large portions of their income to rent. Over half of renter households now spend 30% or more of their income on rent—a level deemed unaffordable by the Department of Housing and Urban Development (HUD).
-
In 2023, the rental vacancy rate in Georgia was at 8.3%, with a median rent of $1,753 per month.
-
Out of all 50 states, Georgia had the 12th highest rental vacancy rate in 2023.
Here is a link to the complete results of the analysis, with data on the 75 largest U.S. metropolitan statistical areas and all 50 states. And here is a snapshot of the data table included in the full report, looking at the 15 states with the highest rental vacancy rates:
|
State |
Rank |
Rental vacancy rate |
Percentage of households that rent |
Median monthly rent |
Percentage of renters that are cost-burdened |
|---|---|---|---|---|---|
|
Arkansas |
1 |
11.1% |
34.1% |
$1,113 |
45.8% |
|
Indiana |
2 |
10.5% |
26.7% |
$1,242 |
48.9% |
|
South Carolina |
3 |
10.3% |
27.0% |
$1,457 |
52.2% |
|
Alabama |
4 |
9.3% |
26.2% |
$1,271 |
49.5% |
|
Texas |
5 |
9.2% |
36.4% |
$1,590 |
53.0% |
|
Hawaii |
6 |
8.9% |
38.2% |
$2,590 |
57.8% |
|
Mississippi |
7 |
8.6% |
24.5% |
$1,216 |
50.7% |
|
Florida |
8 |
8.5% |
32.7% |
$2,051 |
60.4% |
|
Oklahoma |
9 |
8.5% |
32.0% |
$1,165 |
47.5% |
|
North Dakota |
10 |
8.5% |
34.3% |
$1,063 |
40.6% |
|
Louisiana |
11 |
8.4% |
32.7% |
$1,298 |
55.8% |
|
Georgia |
12 |
8.3% |
34.5% |
$1,753 |
51.8% |
|
Kansas |
13 |
8.3% |
31.5% |
$1,180 |
46.6% |
|
Iowa |
14 |
8.2% |
28.2% |
$1,061 |
45.1% |
|
Tennessee |
15 |
7.8% |
31.1% |
$1,433 |
48.8% |
|
United States |
- |
6.5% |
34.1% |
$1,793 |
51.9% |
Feel free to republish or use the findings in your own write-up. If you choose to use the analysis, please link to the original report: https://
