Apartment Vacancies Fall in Recent Months

apartment vacancies

Los Angeles is among the cities with the highest demand for rental space.

If you’re in the midst of an apartment search, a rental may be a little harder to locate these days.

According to real estate research firm REIS, apartment vacancies have fallen in recent months, a stark reversal from years past.

Higher occupancy is proving to be a game changer for renters in some cities, however.

Where demand is highest
According to apartment industry publication Multifamily Executive.com, occupancy rates for apartments are highest in these major cities:

New York, N.Y.
Boston, Mass.
Los Angeles, Calif.
Phoenix, Ariz.
Orlando, Fla.
Houston, Texas
Dallas, Texas
Seattle, Wash.
Chicago, Ill.
Denver, Colo.

If you are apartment searching in these cities, high occupancy rates will likely affect the ease with which you’re able to get into a new apartment. You may have to move faster to secure an apartment.

The reasons behind the apartment living boom
The popularity of renting has increased in recent years, so it’s no surprise that apartment vacancies have been falling — even as rents have risen. There are several reasons why it’s a landlord’s market:

  • Stricter lending standards are forcing many renters who may have formerly qualified for mortgages to stay in leases longer.
  • Young professionals, who make up a large percentage of renters, prefer the flexibility to move, when necessary, to pursue employment opportunities — all the more difficult when one owns a home.
  • Job creation is on the rise. In markets where employment numbers look good, the number of available apartments is lower.

The demand for apartments has been so strong in recent months that vacancies have hit an 11-year low, according to Bloomberg.com. Construction on new multifamily units has picked up in many cities to help satisfy the demand, however.

4 thoughts on “Apartment Vacancies Fall in Recent Months

  1. Pingback: Cambridge Park Apartments | Springfield, MO

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  3. Another factor to look at is immigration numbers. People new to the country tend to rent rather than own their homes. In recent years immigration has decreased because of the economy. Now that we appear to be rebounding a little, many experts suggest that immigration could increase again, adding to the demand for rental housing.

  4. Have you had any feedback about apartment living in South Bend, Indiana, particularly the downtown apartments?

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