Apartment Vacancies Drop to Lowest Levels Since 2001 - | ArmandoMontelongo.com

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Apartment Vacancies Drop to Lowest Levels Since 2001

Vacancy rates for apartments in 82 major metro areas across the country fell to a 10-year low in the fourth quarter, a new report shows.

The study by commercial real estate data firm Reis Inc., as reported by Bloomberg News, showed the vacancy rate at 5.2 percent, the lowest since the end of 2001. It dropped from 5.6 percent in the previous quarter and 6.6 percent from the year before.

The average rent rose to $1,009, a 2.3 percent increase from the previous year.

The construction of multi-family properties fell to a 50-year low in 2009 and still is rebounding, which means the growing demand for rentals – driven by high rates of foreclosures – is a major opportunity for real estate investors.

Here is the apartment vacancy rate since 2005, as charted by the Calculated Risk blog:

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