The high vacancy rate of properties in Puerto Rico – rising to about 375,000 units, from a total of 1.5 million units – has caused a significant increase in supply versus demand, causing rents to continue their downward trend.
According to data compiled in the publication “The Property Lease in Puerto Rico”, of the so-called Dr. Properties -the real estate broker, Alfredo Rivera Pizarro- it is estimated that 25% of empty residential units, without buyers or tenants, almost would double the inventory available almost 15 years ago.
According to the most recent statistics of the United States Census, home ownership in Puerto Rico fell from 64.84% in 2000 to 55.50% in 2014. One out of every five houses in Puerto Rico is unoccupied, according to the published data.
The problem is exacerbated when you account for about 100,000 vandalized residences on the Island, which is why they can not be recognized as habitable housing. This represents 5% of the housing market. For analysts in the sector, this group of properties is responsible, in a certain way, for the devaluation of surrounding properties.