U.S. Multi-Housing Vacancy Rate Expected To Rise Slightly In 2013 But Remain Near Historic Average via CBRE

The U.S. multi-housing market vacancy rate is expected to rise modestly to 5.3% in 2013, according to a new analysis from CBRE Group, Inc. The increase, from a rate of 4.5% in Q3 2012, will be driven by new construction completions and a slight tapering off of demand from historically robust levels in recent years. CBRE forecasts that the multi-housing vacancy will fall back to 5.2% in 2014.

The multi-housing vacancy rate is projected to be 5% for 2012, down from 5.4% in 2011 and from 7.3% at its 2009 peak.

“It is a great time to own multi-housing properties: apartment demand is benefiting from the slowly recovering economy as well as rapidly expanding pool of renter households,” said Gleb Nechayev, Senior Managing Economist, CBRE Econometric Advisors.

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