Wednesday, July 07, 2010

Reis: Apartment Vacancy Rates decline slightly

by Bill McBride on 7/07/2010 11:59:00 PM

From Nick Timiraos at the WSJ: Apartment Vacancies Fell in Quarter

The national apartment vacancy rate stood at 7.8% at the end of June, according to Reis Inc., a New York real-estate research firm. That was down from the 8% vacancy rate during the first quarter, which was the highest vacancy rate in 30 years. ...

Rents gained by 0.7% during the seasonally strong April-to-June period, the biggest quarterly gain in two years.
This is still near the record vacancy rate set last quarter. This decline fits with the recent survey from the NMHC that showed lower apartment vacancies.

Note: the Reis numbers are for cities. The overall vacancy rate from the Census Bureau was at a near record 10.6% in Q1 2010.