More apartments are sitting empty today since 2017, when Apartment List started tracking vacancy data nationally.
The Apartment List Vacancy Index, which provides monthly estimates of apartment vacancy rates, hit a peak of 6.9 percent in March. This is 10 basis points higher than the prior apex in July 2020, and about 0.7 percent higher than the month before.
During the height of the pandemic, many people opted to move into together as the economy tanked. The following couple of years saw the supply of available apartments to rent dip. Then the vacancy rate creeped up again, largely because of new units hitting the market, according to Apartment List.
In March, the market with the lowest vacancy rate of 2.7 percent was Pasadena, CA. The market with the highest was Decatur, GA, where it is 15.5 percent.
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