Reflecting the unprecedented housing shortages across the United States in the post-pandemic market, U.S. vacancy rates hit their lowest readings in decades in 2021. According to NAHB’s analysis of the 2021 American Community Survey (ACS), owner vacancy rates dropped below 0.9% and rental vacancy rates reached a new low of 5.2%, the lowest levels recorded by the ACS since the survey started generating these data in 2005. Comparing current abnormally low vacancy rates with long-run typical rates across metro markets of the U.S., NAHB now estimates that 1.5 million units are required to close the gap and bring the current vacancy rates back to the long-run equilibrium levels. …Homeowner and rental vacancy rates are one of the key statistics that are used to judge the health and direction of the housing market.