Vacancies fall in U.S. apartment market

Miami /
Jan.January 06, 2011 03:14 PM

Vacancies declined in the nation’s apartment market in the fourth quarter, falling below 7 percent for the first time in two years, according to data released by Reis. The national apartment vacancy rate was 6.6 percent in the fourth quarter, down from 7.1 percent in the third quarter and 8 percent in the fourth quarter of 2009. The strong demand pushed the average national rent up for the fourth quarter in a row, a change from the concessions landlords were offering during the downturn. “People feel like the worst of times are behind them,” Ryan Severino, a Reis economist, told the Wall Street Journal. “Their prospects are going to improve.” Marcus & Millichap also predicted that the sector would see a recovery, with this year marking the first across-the-board reduction in vacancy since at least 1990, according to Hessam Nadji, managing director. The improving occupancy rates also reflected the slowing pace of new development. Only 12,000 new units were completed in the fourth quarter, the lowest quarterly number in a decade, Reis said. [WSJ]

 

Related Articles

arrow_forward_ios
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Harlan Goldberg, Ricardo Esteves and Jacky Sasson
Movers & Shakers: Bespoke promotes managing director & more
Movers & Shakers: Bespoke promotes managing director & more
From left: Michael Helpern, Richard Hottinger and Norma Jean Callahan
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
Movers & Shakers: Ackman-Ziff hires Michael Helpern as director & more
David Purisch and Duff Rubin
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Movers & Shakers: Duff Rubin takes over Coldwell Banker in Florida & more
Michael Betancourt, Tyler Kuhlman & Dustin Ozga
Movers & Shakers: Colliers hires new brokerage director & more
Movers & Shakers: Colliers hires new brokerage director & more
Mihaela Coprean and Alfonso Costa Jr.
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Brickell development site hits the market
Brickell development site hits the market
Brickell development site hits the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...