Construction cranes crowd the skies over cities like New York and Los Angeles, as apartment developers build as many new units as they can. But strong demand for apartments continues to fill most new properties.
“New apartment construction has been robust across the U.S., yet occupancy growth has moved in step with supply growth,” says Barbara Byrne Denham, senior economist with research firm Reis Inc. “Construction is expected to be higher this year, but thus far, absorption has kept pace.”
Overall, the percentage of vacant apartments continues to wobble in the 4.0 percent range.
Read more...Apartment Vacancy Rate “Wobbling,” But Not Rising
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