Rental vacancy rates rose to 5.7% in 2024 after a construction surge but remain below the long-term average of 6.6%. Owner vacancy rates stayed under 1%, a record low. The U.S. faces a structural housing shortage, needing about 1.2 million additional units to reach equilibrium. Vacancy rates vary by region, with some resort areas showing higher rates and major California metros below 4%. The housing deficit excludes demographic and structural factors.