Greg Stiles of Southern Oregon’s Mail Tribune is reporting that SOROA (Southern Oregon Rental Owners Association) is seeing the highest level of vacancy in the 20 years they have surveyed it’s members. At a 9.4 percent vacancy rate, the report states “people who lose their homes move in with families instead of renting apartments.”
Per the article:
In the report for June — the most recent month for which figures were available — SOROA members said they had 414 vacancies out 4,392 reporting units. One year earlier, the vacancy rate was 5.5 percent. It was 5.9 percent in the summer of 2007 and 2.3 percent in 1999.
The local vacancy report represents only the owners who reported figures for the association’s June meeting.
Nationally, rental owners are finding themselves with even more empty units. The vacancy rate increased to a record 10.6 percent in the second quarter, according to the Census Bureau.
Read the full article here. (Courtesy of Southern Oregon’s Mail Tribune)