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Apartment Vacancy Rate Declined in Q1

Today, in the Calculated Risk Real Estate Newsletter: Apartment Vacancy Rate Declined in Q1

A brief excerpt: Reis reported that the apartment vacancy rate was at 4.7% in Q1 2022, down from 4.8% in Q4, and down from a pandemic peak of 5.4% in both Q1 and Q2 2021.

This graph shows the apartment vacancy rate starting in 1980. (Annual rate before 1999, quarterly starting in 1999).  Note: Reis is just for large cities.Reis also reported the effective rents were up 2.5% in Q1 compared to Q4, and up 15.6% year-over-year. …

Click on graph for larger image.

Effective rents declined significantly in the early stages of the pandemic, and even with the recent surge in rents, rents are only up 5.9% annualized over the last 2 years. So, a large portion of the rent increase over the last year was just making up for the previous declines.

For some cities, effective rents were up significantly more, especially in some cities like Albuquerque, Jacksonville and Phoenix. Other sunbelt areas like Las Vegas, Florida, and Southern California also saw huge rent increases.There is more in the article. You can subscribe at https://calculatedrisk.substack.com/

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