Apartment Vacancies Reach 10-Year Low

Apartment rents rise as housing sales remain rocky, foreclosure rates increase, and mortgage requirements increase.

Fourth quarter vacancy rates are at a decade low. The tight rental market has led to rent increases nationwide with markets in San Francisco and San Jose experiencing the greatest jump. A rebounding tech industry also drove higher rents in Austin, Texas and Chattanooga, Tennessee.

Although New York made the list, ranking fifth-highest for rent increases highlights the effects of a wounded financial sector and market with existing high rents already close to their limit.

In response to rising foreclosures and stringent mortgage standards developers and families turned to the rental market as a solution. New rental units are expected to relieve the tight vacancy market, specifically on the west coast within the next year. Despite optimistic reports of multifamily construction rebounding, only 38,000 new units were built last year representing an all-time low in the last thirty years.

Thanks to Elaine Mahoney

Full Story: US Apartment Vacancies Hit Ten Year Low


Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

The Planetizen Guide to Graduate Urban Planning Programs is the only comprehensive ranking and listing of graduate urban planning programs available.
Starting at $24.95

Build Your Own Paper Block City

Urban Fold is an all-inclusive kit that allows anyone to build the city of their dreams with a few simple folds.
Book cover of Where Things Are from Near to Far

Where Things Are From Near to Far

This engaging children's book about planning illustrates that "every building has its place."