Significance of Home Ownership Percentage?

[Vince N.]

If you are looking for a buy and hold long term investment, what is the significance of home ownership percentage in a market? 

The higher the number is, the smaller the market for rentals. The smaller the number, the larger the market for rentals. Because of this, I would think a market that has a lower home ownership percentage would have a lower vacancy rate for rentals generally. Does this sound fair? Are there any variables to consider when looking at this?