When the foreclosure crisis started I wondered if this would mean families moving back in with each other. It seems that may be the case. With record foreclosures across the country and vacant homes it almost seems implausible that rentals should be darn ner full. From Realtor.org,
The vacancy rate for U.S. apartments rose to 7.5 percent in the second quarter, the highest rate since 1987, according to a report from researcher Reis Inc.
Second-quarter asking rent fell 0.7 percent compared to the same quarter a year ago to $1,040 a month. Including incentives, effective rent was down 1.9 percent from the prior year and 0.9 percent from the first quarter to $975, Reis said.
In some areas, including Las Vegas, San Francisco and San Jose, Calif., effective rents were down 2 percent from the first quarter.
“With general expectations of an economic recovery pushed back to early 2010 at the earliest, it seems likely that apartments will have to endure a few more quarters of distress, lower rents and higher vacancies,” said Victor Calanog, Reis director of research.
Thanks to PvGene for the heads up.
2 thoughts on “Apartment Vacancy Rates Highest Since 1987”
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Anything but moving in with the parents… please!
I think some apartments had big price so that what the big problem..Instead if the apartments have lower price i guess the rate of vacant apartments will decrease.