Apartment Building Vacancies Plunge to 2001 Levels
Main bullet points from Reis Report’s Q2 Apartment Highlights:
- National vacancies continue to plunge, ending Q2 at 4.7%.
- There was a slight moderation in vacancy compression, following 10 quarters of vacancy declines.
- With such low vacancy levels, landlords have been accelerating rent increases.
- Effective rents increased 1.3%, the fastest pace since Q3, 2007.
- Inventory growth remains restrained with just 10,000 units coming online.
- Developers are starting to build more properties to take advantage of the tight market conditions.