Third Quarter 2021 Housing Inventory Estimates Show Robust Growth in Owner- Occupied Housing Over Three and Five-Year Periods, Modest Growth in Rental Housing

Washington, D.C. (November 3, 2021) – On November 2, the U.S. Census Bureau published quarterly estimates for total housing units, along with estimates for the amounts of owner-occupied, rental, and vacant housing. Topline data show the amount of owner-occupied housing in the U.S. increased over the most recent five-year period (3Q 2016 to 3Q 2021) by 7,609,000 units, or 10.1%. Over the last three-year period (3Q 2018 to 3Q 2021) owner-occupied housing increased by 4,855,000 units, or 6.2%.

The amount of rental housing in the country increased by just 711,000 units over the five-year period and 706,000 units over the three-year period, or approximately 1.6% for both timeframes.

In terms of the overall composition of America’s housing market, the Census Bureau data show owner-occupied housing now accounts for 58.4% of total housing, an increase over the five-year and three-year readings of 55.5% and 56.4%.

The current share of rental housing, 30.9%, represents a decrease from the previous five-year share of 31.9% and the prior three-year share of 31.2%.

“A vibrant and growing housing market benefits all Americans. An expanding housing market provides both homeowners and renters with a greater array of options to meet their housing needs,” said David Howard, executive director of the National Rental Home Council, the nonprofit trade association representing the single-family rental home industry.