Vacancy rates for both homeowners and residential rentals declined in the first quarter of 2010 after both rates reached historic highs in 2008 and 2009 respectively, the U.S. Department of Commerce’s Census Bureau announced Monday.

The rental vacancy rate was in the United States was 10.6 percent, a .1 percentage point decrease from the fourth quarter 2009. It was the second straight quarter that the rate declined after reaching 11.1 percent – the highest vacancy rate since data began being compiled in 1956 – during the third quarter of 2009. The first quarter rate, however, was .5 percentage points higher than the first quarter of 2009.

The Midwest had rental vacancy rate of 11 percent, better that the South’s 13.2 percent, but behind both the West (9 percent) and northeast (7.5 percent).

The homeowner vacancy rate was 2.6 percent, a .1-percentage point decrease from the previous quarter and was down .1-percentage point from the first quarter of 2009. The vacancy rate hit its highest point since 1956 twice during 2008 at 2.9 percent in the first and fourth quarters.

The Midwest had a homeowner vacancy rate of 2.6 percent, better than the South’s 2.8 percent rate and the West’s 2.7 percent rate, but behind the Northeast (1.8 percent).

The homeownership rate was 67.1 percent, which was .2 percentage points lower than the first quarter of 2009 and .1-percentage point lower than the previous quarter.