An analysis of vacancy patterns in the rental housing market

Empirical evidence and a theoretical model are presented showing that the amount of housing offered for rent by a landlord affects the vacancy rate of that housing. Vacancy rates, frequencies, and durations will not be uniform across a housing market, but rather will vary systematically with such characteristics as tenant mobility, size of housing unit, and number of units in the structure. These variations are shown to be consistent with the empirical evidence provided by the Bureau of the Census in its publication "Housing Vacancies.".