The homeownership rate fell to the lowest level since 1997 during the first quarter of this year, hitting 65.4%, according to data released Monday by the U.S. Census Bureau in its quarterly housing vacancy report.

During the same quarter, rental properties filled up at a faster pace than owner-occupied units, although both categories saw vacancies decline, with homeowner inventory vacancies down 0.4 percentage points to 2.2% and rental vacancies down to 8.8% – the lowest reading in a decade – from 9.7% the previous year.

All told, vacancies declined to 18.5 million units, or 13.9% of total U.S. housing stock, from 14.3% a year earlier.