Hendricks-Berkadia's Q3 2013 stats for the multifamily sector show a general year-over-year decline in vacancy rates. Vacancy stood at 5%, a 50 basis-point decline from the 5.5% during the same period a year ago.
As vacancies continue their downward slide, asking rents have increased – area-wide, average rents increased by 3.1% versus the 2.5% year over year. A year ago, concessions were 2.3% of asking rents. By Q3 2013, concessions had tapered off to 1.3% of asking rents.
Read more...MF Vacancy Declines 50 BPS; Rents Continue Increasing - Daily News Article - GlobeSt.com