One day after releasing third-quarter office vacancy rates data, Reis Inc. reported that U.S. apartment vacancy rates moved to 4.6% in the third quarter, down slightly from vacancy of 4.7% in the second quarter and 100 basis points below the figures reported for the third quarter of 2011.
Median occupancy for SNL-covered U.S. multifamily properties moved to 96.0% in the second quarter, up from 95.4% in the first quarter. Median occupancy for this group of assets has hovered between 95% and 96% since 2010. Based on the commercial apartment vacancy figures reported by Reis, one can expect a slight improvement in the median for the third quarter figures are disclosed in the upcoming earnings season.
Reis also reported that average third-quarter asking rent rose 0.8% from the second quarter to $1,090. According to Reuters, Reis stated this increase in average rent is marginally less than increases in prior quarters.
Read more...SNL: Data Dispatch: Multifamily vacancy rates tick down, rents up 0.8% in Q3 | SNL
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