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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  October 6, 2009  |   Apartment Vacancies Reach 23-Year High
Apartment vacancies hit a 23-year high in September as rising unemployment weakened demand, according to real estate research firm Reis Inc., which tracks rents in 79 U.S. markets.

Reis expects the rate to climb further in the fall and winter, pushing vacancy rates to their highest level since the firm began tracking vacancies in 1980.

Rising vacancy rates are also pushing down rents, with effective rents falling 2.7 percent nationwide to an average of $972.

"When job losses stop, rents will firm and occupancies will firm," says Richard Campo, chief executive of Camden Property Trust, a Houston-based real-estate company.

Here are cities with the biggest declines in rents in the previous 12 months:
  1. San Jose, Calif.: 8 percent
  2. New York: 6.8 percent
  3. Orange County, Calif.: 5.5 percent
  4. Ventura County, Calif.: 5.1 percent
  5. Los Angeles: 4.6 percent
  6. Miami: 4.6 percent
  7. Las Vegas: 4.6 percent

Source: The Wall Street Journal, Nick Timiraos (10/06/2009)

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