Reis reported that the apartment vacancy rate declined in Q4 to 4.1% from 4.2% in Q3. In Q4 2012 (a year ago) the vacancy rate was at 4.6%, and the rate peaked at 8.0% at the end of 2009.
Some data and comments from Reis Senior Economist Ryan Severino:
Vacancy declined by 10 basis points during fourth quarter to 4.1%, in line with last quarter's 10 basis point decline. Over the last year the national vacancy rate has declined by 50 basis points, on par with the year‐over‐year rate from the last few quarters. Demand for apartments remains strong four years after the recovery began, even as construction activity has gradually been increasing.
Read more...Calculated Risk: Reis: Apartment Vacancy Rate declined to 4.1% in Q4 2013, Expected to increase slightly in 2014