The apartment vacancy rate rose to 4.7% in the fourth quarter of 2019, up from 4.6% in the third quarter, according to the latest REIS Preliminary Trends Report. The vacancy rate was 4.8% at the end of 2018 and 4.6% at the end of 2017.
Both the national average asking rent and effective rent rose by 0.5% in Q4 2019, up to $1,498 for asking rent and $1,426 for effective rent. Average asking and effective rents have risen by 3.7% and 3.8%, respectively, since the fourth quarter of 2018, marking the lowest annual rent growth rate in two years.
Read more...REIS Records Lowest Annual Rent Growth in Two Years for Q4 2019 via Multifamily Executive Magazine