> Could you elaborate? How often is "often" in the context of the whole country? According to this document (https://www.oecd.org/els/family/HM1-1-Housing-stoc

> Could you elaborate? How often is "often" in the context of the whole country? According to this document (https://www.oecd.org/els/family/HM1-1-Housing-stock-and-construction.pdf https://www.oecd.org/els/family/HM1-1-Housing-stock-and-cons...) 10% of dwellings in the US are 'vacant dwellings and seasonal/holiday homes'. In other words these are not owner-occupied - and what I would classify as investment properties. Now these are not all the investment properties, obviously. There are many investment properties that are permanently tenanted. Assuming that about 65% of homes in the US are owner-occupied, then we should be able to assume that the remaining are investment properties (remember I include holiday and second homes here). That means about 30% of investment properties are not used as homes (i.e. the 10% mentioned earlier). Investors are removing a lot of dwellings from the permanent housing stock. It is worth keeping in mind that when you hear references to a 2% or 3% vacancy rate, this usually means the percentage of dwellings in the permanent rental market that are currently vacant - not the percentage of total dwellings that are vacant.