Reis: Apartment Vacancy Rate Holds at 4.7%, Effective Rent Rises 1.3% YOY

The national vacancy rate has remained at or near 4.7% since the first quarter of 2018.

The apartment vacancy rate remained flat at 4.7% in the second quarter, marking a zero net change from one year ago, according to Reis’s Preliminary Apartment Trends report for Q2 2019. The vacancy rate has remained near 4.7% since Q1 2018, after climbing up from a low of 4.1% in Q3 2016.

The national average asking rent rose by 1.2% in Q2 2019, while effective rents rose 1.3%. Average asking and effective rents have both increased 4.3% from the second quarter of 2018, with an average asking rent of $1,471 per unit and an effective rent of $1,400 per unit.

Net absorption was 36,052 units, down from 46,175 units in the first quarter of 2019, while construction was 38,693 units, down from 40,965 completions in the last quarter. Dr. Victor Calanog, chief economist and senior vice president for research at Reis, notes that absorptions and completions in the first quarter are generally the lowest in the year. The apartment market is expected to add more units this year than last, when 261,000 new units were added.

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