Reis: Apartment Vacancy Rate Decreased Sharply in Q3

Reis reported that the apartment vacancy rate was at 4.7% in Q3 2021, down from 5.3% in Q2, and down from 5.1% in Q3 2020. The vacancy rate peaked at 8.0% at the end of 2009, and bottomed at 4.1% in 2016.

Click on graph for larger image.

This graph shows the apartment vacancy rate starting in 1980. (Annual rate before 1999, quarterly starting in 1999). 

Note: Reis is just for large cities.

Reis also reported the asking rents were up 7.5% year-over-year, compared to up 1.2% in Q2.

For some cities, asking rents were up significantly more, especially in areas like Phoenix (up over 20% YoY), and many cities in California and Florida.

Apartment vacancy data courtesy of Reis.