Multifamily vacancy falls to 3.6%, lowest level since 2000
Vacancy fell to 3.6 percent in the third quarter 2019, down 40 basis points (bps) from the prior year and the lowest level since 2000, reported CBRE in its "U.S. Multifamily Figures in the Third Quarter 2019" report.
Other highlights include:Investment totaled $46 billion in the third quarter down 7.3 percent year-over-year. The trailing four-quarter total of $184 billion, however, was up 8.8 percent year-over-year. Phoenix and Las Vegas had the highest year-over-year rent growth rates—both over 7 percent. Major markets with the lowest vacancy rates were New York City (2.5 percent), Detroit (2.6 percent) and Boston (2.7 percent).
To read the full report, click here.