Apartment vacancy hit a 30-year high at 8 percent in Q4 2009 (up from 6.7 percent in Q4 2008 and from 7.9 percent in Q3 2009), the highest national vacancy figure recorded by Reis, a real estate research firm. Asking rent and effective rent declines of 2.3 percent and 3 percent, respectively, for 2009 also mark the largest annual magnitude of deterioration Reis has ever observed for apartments. The best-performing metro areas follow:
Lowest Vacancy Rate
1. New York - 2.9%
2. New Haven - 3.0%
3. Long Island - 3.6%
4. Central New Jersey - 3.9%
5. Syracuse - 4.4%
Most Quarterly Vacancy Rate Improvement
|
| |
Vacancy Rate Change |
Q4 Vacancy Rate |
| 1. San Diego |
0.9% |
4.9% |
| 2. Long Island |
0.8% |
3.6% |
| 3. Kansas City |
0.6% |
9.1% |
| 4. Ventura County |
0.4% |
5.3% |
| 4. Pittsburgh |
0.4% |
5.8% |
| 4. San Antonio |
0.4% |
10.2% |
Most Quarterly Effective-Rent Growth
|
| |
Effective Rent Growth |
Q4 Effective Rent |
| 1. Washington, D.C. |
1.0% |
$1,354 |
| 2. Austin |
0.8% |
$781 |
| 3. Lexington |
0.7% |
$609 |
| 4. Columbus |
0.5% |
$634 |
| 5. Buffalo |
0.4% |
$696 |
| 5. Fort Lauderdale |
0.4% |
$1,028 |
Source: Reis