[tyoma]

From a quick spot check… yes?

Assume 120 homes in an area, evenly distributed per month on yearly leases. If all renters switch every month and it takes a month to re-rent the unit, there is a vacancy rate of 8.3%

Obviously not every renter moves every lease end, but also some units are in places no one wants to live, others are mispriced, some need renovation or extensive cleaning, etc.

But from a cursory sanity check the 6.9% number is likely reasonable for a fairly tight rental market.