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News Flash? As Jobs Disappear, Apartment Vacancies Skyrocket
October 7, 2009 by Neil · 7 Comments
Apartment vacancies are at their peak since 1986, nearly kissing 8%, according to the latest report from REIS. The WSJ reported that more would-be renters are doubling up with family and friends, a point already discussed on this site. What makes this data more depressing is that the second and third quarters are supposed to be the most popular times of the year for tenants to move. Prospective tenants decided that that was not enough of a reason to move. As foreclosures rise, more shadow inventory hits the market, and unemployment increases (see here and here for the latest insights), vacancy rates will continue lurching into the heavens.
For those tracking this information in metropolitan NY, I’ve included these charts that break down the latest vacancy and rent increase trends for multifamilies since 2007.
As expected, they do inversely track, but Long Island data does so more noticeably.
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7 Responses to “News Flash? As Jobs Disappear, Apartment Vacancies Skyrocket”Trackbacks
Check out what others are saying about this post...[...] jobs means, among other things, declining vacancies for apartment buildings and homes, fewer mortgage defaults, and increased values for real [...]
[...] the pipeline, half of all residential homes underwater by next year…The data already shows higher apartment vacancies throughout most of the country. This news only underscores the upward trend for further apartment vacancies, and plummeting [...]
[...] rents continue falling, and vacancies continue rising, as they are in most major U.S. markets, the residential housing market will only get much, much worse across the board for a long time to [...]
[...] Apartment rents in New York continue to plummet, while vacancy rates skyrocket. [...]
[...] that mass quantities of plutonium would be discovered in the complex’ Oval Courtyard. In fact, NYC vacancy rates over the last few years have hovered between 2.5% and 3%, occasionally ve…Underwriters did not sufficiently factor into their spreadsheets the possibilities [...]
[...] You can see the latest rent and vacancy numbers for the New York metro area by clicking here. [...]
[...] all measures, rents are going down, and vacancies are going up throughout most of the country. As unemployment and underemployment increase, residential foreclosures increase as [...]