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Wednesday, January 05, 2022

Apartment Vacancy Rate Declined in Q4

by Calculated Risk on 1/05/2022 02:42:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Apartment Vacancy Rate Declined in Q4

A brief excerpt:

Reis reported that the apartment vacancy rate was at 4.7% in Q4 2021, down from 4.8% in Q3, and down from a pandemic peak of 5.4% in Q1 2021.

Case-Shiller House Prices IndicesThis 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 2.8% in Q4 compared to Q3, and up 11.9% year-over-year. Rents were down year-over-year through Q2 2021 (due to the pandemic) and picked up sharply in Q3. Even with the recent surge in rents, rents are only up 4.5% annualized over the last 2 years (since rents decreased early in the pandemic).
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