Reis VP of Economics & Research, Dr. Victor Calanog, provides an update on the apartment sector performance for the 2nd quarter of 2013.
13 quarter streak of declining vacancies came to an end in Q2 2013
27,000 units came online in the second quarter
Asking rent grew by 0.6% while effective rent grew by 0.7%
East coast and California vacancy rates are tight
Video Transcription
Apartment vacancies remained unchanged at 4.3% in the 2nd quarter of 2013. That brings to an end a 13 quarter streak of vacancy declines since late 2009 when national vacancies peaked at 8.0%. Now that national vacancies are at 4.3%, that’s a 370 basis point decline since the peak of 8.0% in late 2009.
Watch video...Q2 2013 Apartment Trends | Reis Reports
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