Annual Apartment Vacancy- All Time High

The US Census Bureau recently released its Third Quarter 2009 Rental Vacancy Rates.

2009       11.1% (through 3rd Quarter)
2008         9.9          
2007         9.8
2006         9.9
2005         9.9
2004        10.1
2003          9.9    
2002          9.0
2001          8.4
2000          8.2


The vacancy rate is up in the South, West, and Northeast, but remains unchanged from last year in the Midwest.

Root Realty believes that as vacancy rates improve so to will valuations for Multi-family housing. In the short term, housing stock that is being rented needs to be sold off, but longer term the next generation of renters is on the way and rental housing should boom.