Orlando, Las Vegas among nations emptiest cities

With a rental vacancy rate of 23.6 percent at the end of 2010, Orlando has been determined to be the emptiest city in the U.S., according to a recent ranking by Forbes.

The ranking was developed using single-family rental vacancy rates for all four quarters of 2010. Following Orlando was Las Vegas - arguably one of the cities struck hardest by the affects of the recession. According to Forbes, data showed that the city contains over 7,000 empty homes. These vacancies contribute to the state's 5.5 percent single-family vacancy rate.

The source says the vacancies are not spread across all classes of properties, but are more concentrated in the area of older, more rundown buildings.

"At the top end, so-called Class A complexes have occupancy rates around 90 percent, and owners are beginning to raise rents," the source says. "Class B complexes are also full ... dragging down the market are Class C properties, many of them built in the 1970s and 1980s, where occupancy rates are in the 60 percent range and landlords have difficulty collecting rent.

In addition to a high number of vacancies, Orlando and other Florida cities are also plagued by a fewer people moving to the state, according to recent reports by the U.S. Census Bureau.
 

More News