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Apartment-Vacancy Rate Tumbles to 2001 Level
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The apartment vacancy rate declined to 5.2% in fourth quarter 2011 from 6.6% in 2010, and down from 5.6% in the third quarter, according to Reis. The vacancy rate went up to 8.5% in 2009. Data from Reis shows rents went up in 71 of 82 markets it tracks. For the U.S. rents went up by an average 0.4% in the 4th quarter, to $1064 a month, increasing from $1026 in 2009. Rent growth for 2011 was 2%. Factors helping demand for apartment rentals are the reluctance of buyers to invest in a home when prices are declining in an uncertain economy, and fears of another downturn. Factors holding price increases down in New York are the declining jobs inthe financial services industry and the already high levels of rental prices- reaching $2876 a month. Demand in San Francisco and San Jose was higher and prices were up over 5% in 2011, with better properties raising rents by 10%.
Apartment vacancy rates in U.S. cities 2010-2013
01/05/2012
Rents for housing and apartment vacancy rates in the U.S.
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Wall Street Journal 05/02/2013
Home Prices Rise, Producing a Buying Mood
New York Times 05/28/2013
Apartment-Vacancy Rate Tumbles to 2001 Level
Wall Street Journal 01/05/2012
Rents for housing and inflation in the U.S. - 2011-2012
06/09/2011
Rents for housing make up 40% of the core U.S. consumer price index. About 25% of April 2011's 1.3% rise in the CPI in the U.S. was from housing rent increases. Apartment vacancy rates are dropping as people prefer to rent. Analysts say the Fed may not be paying enough attention to this when it says the high unemployment levels will keep inflation down.
Grouped Articles
Where Rents Go, Will Inflation Follow?
BusinessWeek 06/09/2011
The Folly of Economic Short-Termism
Wall Street Journal 08/11/2011
Apartment-Vacancy Rate Tumbles to 2001 Level
Wall Street Journal 01/05/2012
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