US Multi-Family Vacancy Rate Declined Minimally in Q3 2009
In particular, according to the data released the multi-family vacancy rate decreased from 7.4% in the second quarter of 2009 to 7.3% in the third quarter of 2009. The Q3 2009 vacancy rate was by 70 basis points higher than the multi-family vacancy rate that prevailed in the first quarter of 2009, when it averaged 6.6%. The very small decline in the US multi-family vacancy rate in Q3 2009 was supported by the net absorption of an estimated 58,362 units, representing a 55.4% increase compared to a net absorption of 37,535 units in Q2 2009. However, this is a trend that will not be supported in the next quarter according to the NAR/CBRE-EA forecast. The net absorption of multi-family units in Q3 2009, not only posted a very strong quarterly increase but also outpaced completions of new units, which amounted to 40,032 units, representing a 28% drop compared to the 55,638 units that were completed in the second quarter of 2009. Despite the stabilization of the vacancy rate, US multi-family rents declined by 1.3% in the third quarter of 2009, following a decline of 1.2% in the second quarter and a decline of 0.6% in the first quarter of 2009. If you have an interesting comment in relation to this article please use the form below Related Posts to submit it. Please read submission guidelines before writing and submitting your comment.
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