Photo: Magic Robot
The national rate of apartment vacancies fell to 4.9% in Q1, the lowest rate since Q4 of 2001, according to real estate research firm Reis. In 2008, vacancy stood at a high of 8%.
Meanwhile, rents continue to soar, with rates now averaging $1,018 per month nationally. The 0.9 percentage-point increase during Q1 is the biggest jump since 2008.
Victor Calanog, head of Research & Economics at Reis, the firm who published the data, said those prices actually indicate underperformance.
“You’re actually not seeing very strong or robust rent growth at the national level,” he told Reuters. “Once vacancies dip below 5 per cent you should expect rent growth to be stronger than this.”