Vacancy rates when evaluating a market

[Edita D.]

Hey guys!
Do you take into consideration vacancy rates when searching for a new market? We disagree on this issue with my husband, and I wanted to hear opinions of other people.
I usually look at job growth/unemployment, population growth and vacancy rates in the area. I feel that purchasing a house at a good price is not enough, since it needs to be OCCUPIED. And when I see 17% vacancy rates in a certain neighborhood, it's a red flag for me.
Do you take vacancy rates into consideration?
Thanks!
Edita