Posts Tagged ‘ apartments ’

Apartment Vacancy Rates Decline In The First Quarter

A Glass Half Full

Vacancy rates for all apartment buildings with 5 units or more declined to 12.1% from 12.5% in the previous quarter, according a National Multi-Housing Council (NMHC). The national vacancy rate dropped to 7.2% from the prior quarters 8.2%, the lowest level for first quarter vacancy rates since late 2008. Local markets point to the South and West being the weakest rental nar-researchmarkets with while the Northeast had the lowest vacancy rate, coming in at 5%.

Rent Rates

Although effective rent fell by 2.3% over last year, it was more than half the 5.6% decline of 2009. Rent declines have not only slowed but have finally reversed. The chart above points to the early beginnings of a reversal in trend. But investment properties will depend on a stronger rebound. We’ll need to see significant job growth to support a continuing rent rate recovery.

Longer Term Prospects look strong: Continue reading this post

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Posted by: Howard Sobel on May 24th, 2010 under Market Trends

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Real Estate Trends: Rental Market

Proverbs 20:14 – “Its no good, its no good!” says the buyer; then off he goes and boasts about his purchase.

The economy has been wreaking havoc on on rental owners as well as home owners. The great unwinding of the debt economy and the collapse of available credit has caused job loss, underemployment and a recession psychology causing consumers to pull back, not being sure if they are next to loss work.  Afraid of catching a falling knife, prospective buyers are waiting on  the sidelines.

The housing industry has been pinging property owners to try and get a sense of the degree of difficulty out there. I wanted to share with you some of what these surveys reveal. Continue reading this post

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Posted by: Howard Sobel on September 2nd, 2009 under Guest Bloggers, Market Trends

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Apartment Vacancy Rate Hits Two-Decade Record

The economy’s decline leveled off significantly from April through June, confirming  that the worst is behind us.

gdpGDP declined at an annualized rate of 1 percent in the second quarter, after shrinking an amazing 6.4 percent earlier this year. But consumer spending, 70 percent of economic activity,  continues to fall as Americans continue to save and  reduce debt. Economists express concern that our basic spending habits have been permanently altered by this great recession. This is also having an effect on rentals as renters downsize or insist on rent reductions.

With this as a backdrop we looked at rental rates which a are a prime factor in evaluating a property. We clearly have a long way to go. The Dept of Commerce chart indicates we are at a fragile beginning of a recovery. The key to successful property ownership now will be to keep it occupied and ride this out. Continue reading this post

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Posted by: Howard Sobel on August 6th, 2009 under Market Trends

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