Vacancies, empty homes, zombie subdivisions, foreclosures, and REO. This is the real estate story of 2011 and as usual some cities are fairing better than others. The city of Orlando takes the crown as the emptiest American city with an amazing 23 percent of their apartments empty and 4.3 percent of their homes unoccupied.
The recession is just magnifying the problem in these cities, as their is not enough demand for housing and the relocation market is restricted. Add in an overabundance of inventory and you have these cities sitting empty.
America’s Top 10 Most Empty Cities in 2011
- Orlando – Home Vacancy – 4.3% Apartment Vacancy – 23.6%
- Las Vegas– Home Vacancy – 5.5% Apartment Vacancy – 13.5%
- Memphis – Home Vacancy – 4.7% Apartment Vacancy – 16.1%
- San Bernardino – Home Vacancy – 6.4% Apartment Vacancy – 10.4%
- Dayton – Home Vacancy – 3.3% Apartment Vacancy – 26.4%
- Phoenix – Home Vacancy – 3.4% Apartment Vacancy – 15.5%
- Houston – Home Vacancy – 2.6% Apartment Vacancy – 14.5%
- Jacksonville – Home Vacancy – 3.1% Apartment Vacancy – 10.4%
- Tampa St. Petersburg – Home Vacancy – 3.7% Apartment Vacancy – 9.4%\
- Detroit – Home Vacancy – 2.9% Apartment Vacancy – 15.6%
via Forbes
