Apartment Vacancy Rate A 23-year High

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Reuters reports:

The U.S. apartment market in the third quarter turned in one of its weakest performances ever as the national vacancy rate hit a 23-year high despite being propped up by landlords willing to take lower rent to keep tenants, according to real estate research firm Reis Inc.

The U.S. apartment vacancy rate rose to 7.8 percent in the third quarter, its highest since 1986, according to the report released on Tuesday. Vacancies have been rising since the third quarter of 2007, according to Reis.

via Apartment vacancy rate hits 23-year high: report | U.S. | Reuters.

The Sunrise Report Fall 2008

photo credit: rutlo

Sunrise Management and Consulting has released its apartment survey for fall 2008. The survey reports apartment rents up $27 from a year ago to an average of $900 a month for large apartment complexes in the Capital Region. Note that the survey does not consider whether utilities are included in the rent, and that the rents reported are asking rents. Vacancy rates have decreased across the region as home sales have slowed.

Read the entire report here.

The Sunrise Report Spring 2008

photo credit: miikkahoo

Sunrise Management and Consulting has released its Spring 2008 Rental Market Report:

All the New York Markets reported average rental rate increases, led by the Southern Region (L.I., Westchester) with a $37 average rate increase, and the Capital Region (Albany) with a $26 increase.

New York’s Hudson Valley ($25) and Southern Tier ($24) regions posted strong growth.

The housing slump and tightening credit standards are increasing demand in the multifamily rental markets.” said Jesse Holland, president of Sunrise Management & Consulting, “The segment of the market that would normally be moving from rental apartment living to single family home ownership is finding itself stuck by higher lending standards requiring larger cash down payments.

Click here for the entire report.

The Sunrise Report Fall 2007

photo credit: John Picken
Sunrise Management and Consulting has released its Fall 2007 Apartment Survey:

The New York Market survey reports growth throughout all market segments, led by the Capital Region (Albany) with a $21 average rate increase, and the Western Region (Buffalo) with a $19 increase.

Read the entire report here.