America's Emptiest Cities- 6 of the top 10 from the South

[JRQ]

List of emptiest cities:
http://www.cnbc.com/id/48209172?slide=11

10. Toledo, Ohio
12-Month Averages:
Rental vacancy rate: 11.5%
Homeowner vacancy rate: 3.8%

9. Tampa, Fla.
12-Month Averages:
Rental vacancy rate: 12.8%
Homeowner vacancy rate: 3.2%

It’s no secret that the Florida real estate market has seen better times — and the situation in Tampa appears to be getting worse. In May, RealtyTrac reported that foreclosure activity in the Tampa-St. Petersburg-Clearwater area rose by nearly 111 percent from May 2011, with one home in every 304 in foreclosure. The rental vacancy market has been following this downward trend, with the rental vacancy rate going up or remaining flat every quarter since the beginning of 2011.

8. Houston
12-Month Averages:
Rental vacancy rate: 15.5%
Homeowner vacancy rate: 1.9%

Houston is home to the nation’s third-highest rental vacancy rate over the past 12 months, standing at 15.5 percent. The city hit a three-year high for rental vacancies in 2009, when the rate rose to 18.4 percent in the third quarter of that year, according to Census Bureau data. However, Houston’s homeowner vacancy rate has been recovering, dropping below the average for the 75 largest cities for the past three quarters to as low as 1.1 percent at the end of 2011.

7. Atlanta
12-Month Averages:
Rental vacancy rate: 11.3%
Homeowner vacancy rate: 4.2%

Atlanta’s average homeowner vacancy rate is the third-highest among major U.S. cities, standing at 4.2 percent. Fortunately for Atlanta, the rate has been dropping since early 2011, when it stood at 5.4 percent. The trend for rental vacancies has been worse for Atlanta, however, rising from 9.4 percent in the third quarter of 2011 to 12.4 percent in the first quarter of 2012.

6. Las Vegas
12-Month Averages:
Rental vacancy rate: 11.9%
Homeowner vacancy rate: 3.9%

5. Richmond, Va.
12-Month Averages:
Rental vacancy rate: 15.1%
Homeowner vacancy rate: 2.4%

With a rental vacancy rate of 15.1 percent, Virginia's capital ranks fourth among all major U.S. cities for empty rentals over the past year, with the first quarter of 2012 showing a 19 percent rental vacancy rate. However, Richmond’s homeowner vacancy rate ranks only 27th among the country’s 75 largest metro areas, and stands just 0.2 percent higher than the average for large metro areas.

4. Detroit
12-Month Averages:
Rental vacancy rate: 16.9%
Homeowner vacancy rate: 1.7%

3. Memphis, Tenn.
12-Month Averages:
Rental vacancy rate: 15%
Homeowner vacancy rate: 3.1%

Memphis's proportion of vacant homes, both owned and rentals, puts it third overall, thanks to an average rental vacancy rate of 15 percent that is the fifth highest in the nation and the 3.1 percent homeowner vacancy rate that ranks 13th.


2. Dayton, Ohio
12-Month Averages:
Rental vacancy rate: 11.3%
Homeowner vacancy rate: 5.4%


1. Orlando, Fla.
12-Month Averages:
Rental vacancy rate: 18.8%
Homeowner vacancy rate: 2.2%

The emptiest city in the United States is Orlando, Fla. The 12-month average for rental vacancies stands at a staggering 18.8 percent, while in the first quarter of 2012 this number was 22 percent, highest in the nation. Florida's third largest city also has an above-average homeowner vacancy rate, but this metric has been rising during the past two quarters, according to Census Bureau data.

Despite its housing woes, Orlando has been able to avoid the financial woes of other cities, such as Harrisburg, Pa., and San Bernardino and Stockton, Calif. According to Orlando’s most recent annual report, the city has more than $125 million of cash in its general fund and over $1.1 billion in total assets (including nearly an additional $300 million in cash and cash equivalents in other funds), compared with just under $600 million in total listed liabilities.

[WeimieLvr]

The title is completely misleading..."emptiest"? Really?

I hate these sensationalist stories.

[JRQ]

I agree, I was more involved with the actual quantitative figures involved which exemplify some continuing issues within urban strongholds across the South. However, most numbers are improvements upon the past few years, so all in all not such bad news.

[desertpunk]

They should just say "highest residential ownership vacancy rates". Most of the cities listed are anything but empty. And what backwards-looking bullshit too. A lot of these towns have bottomed out and are seeing the homes fill up, though in many cases with renters not owners.

[papa_spaz]

I was expecting to see the lowest population per square mile for cities and metros. Still an interesting list. I thought Detroit would be higher. Surprised New Orleans, Cleveland, and Cincinnati are not on the list.

[JRQ]

It is definitely an odd list....I was browsing through at work for fun and Richmond at #5 caught my eye. I was really surprised we were that high, even on this scale. I always see the city packed with people, largest population growth since the 1970's, but had no idea our rental occupancy rate was so high. Learn something new everyday I suppose.

[Burt]

Originally Posted by JRQ

It is definitely an odd list....I was browsing through at work for fun and Richmond at #5 caught my eye. I was really surprised we were that high, even on this scale. I always see the city packed with people, largest population growth since the 1970's, but had no idea our rental occupancy rate was so high. Learn something new everyday I suppose.

Richmond's urban core apartment occupancy is at 95% and rising. At least 4 downtown high rise buildings have been (or are being) converted to apartments and new residential projects, it seems, are announced with regularity.

Maybe it's the number of absentee-landlord dilapidated dwellings in poverty zones which account for the 5th emptiest award.