Figure 2

Freddie's target vacancy rates are merely long-term averages

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U.S. Census Bureau

Freddie's original target vacancy rate (for 2018 and 2020 shortage calculations) was 13%, which was based on the average value from Q1 1990 to Q2 2018 (12.5% rounded up). For the 2024 calculation, Freddie revised its target to 11.7%, using the average from Q1 1994 to Q4 2003. The Great Moderation here refers to Q1 1985 to Q4 2006.