US metropolitan apartment vacancy rates ranged from 4% to 12% in November 2009 according to the report issued by the National Association of Realtors (NAR) and the CBRE Econometric Advisors (CBRE-EA).
In particular, according to the November 2009 NAR/CBRE-RE release, which reports vacancy rates for 47 major US markets, metropolitan apartment vacancy rates ranged from 4.4% in Northern New Jersey (Newark) to 11.5% in Phoenix, AZ.
San Diego, CA, Boston, MA, San Jose, CA, and Washington, DC, complete the list of the top five markets with the lowest metropolitan apartment vacancy rates, which as of November 2009 averaged 5.5%, 5.6%, 5.8% and 5.8%, respectively. Oakland, CA, and Pittsburgh, PA follow in the 6th and 7th position with an average vacancy rate of 5.8%.
San Francisco, CA, Los Angeles, CA and Miami, FL, complete the list of the ten top markets with the lowest metropolitan vacancy rates, which as of November 2009 averaged 6.20%, 6.4% and 6.5%, respectively. Actually, the large New York market recorded the same apartment vacancy rate (6.5%) as Miami, FL, claiming also the position of the 10th lowest vacancy rate among the 47 markets covered by the NAR/CBRE-RE report.
Tucson, AZ, Houston, TX, Atlanta, GA, and Jacksonville, FL with vacancy rates of 10.9%, 11.0%, 11.5% and 11.5%, respectively, along with Phoenix, AZ, complete the list of the five markets with the highest metropolitan apartment vacancy rates as of November 2009. Las Vegas, NV, Detroit, MI, Orlando, FL, Fort Worth, TX, and Indianapolis, IN, with vacancy rates ranging between 10.1% and 10.9%, complete the list of the ten apartment markets with the highest vacancy rates as of November 2009.
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