Reis: Apartment Vacancy Rate declined to 4.0% in Q1 2014 via Calculated Risk

Reis reported that the apartment vacancy rate declined in Q1 to 4.0% from 4.2% in Q4 2013. In Q1 2013 (a year ago) the vacancy rate was at 4.4%, 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 20 basis points during first quarter to 4.0%, a slight improvement over last quarter’s 10 basis point decline. Over the last twelve months the national vacancy rate has declined by 40 basis points, more or less the same pace as the last few quarters. Demand for apartments remains strong four years after the recovery began while inclement weather had a negative impact on construction activity. The national vacancy rate now stands 400 basis points below the cyclical peak of 8.0% observed right after the recession concluded in late 2009.

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