Saturday, December 11, 2010

Several Stories: Apartment vacancy rates falling

by Calculated Risk on 12/11/2010 11:51:00 AM

The trend of falling vacancy rates continues ...

From Eric Wolff at the North County Times: Rental vacancy rates fall as people lose homes

Vacancy rates for North San Diego County apartments fell 1.2 percentage points to 4.3 percent in the fall, the fourth straight drop, according to the biannual survey conducted by the San Diego County Apartment Association.

... and landlords took the opportunity to raise rents 0.8 percent ... The report attributed the drop in vacancy to the ongoing foreclosure crisis, as people evicted from homes need somewhere to live, and to a modest increase in employment.
From Josh Brown at the Virginian-Pilot: Rents rise, vacancies drop for apartments in Hampton Roads
Rough times in the housing market may be boosting demand for apartments in Hampton Roads, according to local experts and a new report.

... In the past year, the number of renters in the region has climbed by nearly 2,000, the largest uptick since 2005.
From the Aurora Sentinel: Denver metro vacancies for homes, condos to rent at lowest since 2001
It’s slim pickings for those seeking a single-family home to rent.

Vacancies in for-rent condos, single-family homes and other small properties across metro Denver fell to 2.9 percent during third quarter of this year - the lowest third-quarter rate since 2001.
This fits with the Reis vacancy survey (showing apartment vacancy rates fell in Q3 to 7.2% from 7.8% in Q2), the NMHC apartment survey, and the Census Bureau's quarterly rental vacancy rate.