Here are the findings of Reis Inc, a real estate research firm, for the fourth quarter of 2017; the report also includes its projections for 2018.
As per a report by Reis Inc, the apartment vacancy in the U.S. has increased marginally during the fourth quarter with supply exceeding demand.
The national apartment vacancy rate rose to 4.5% from 4.4%, said Reis Inc, a real estate research firm.
Vacancy rates have increased in 50 out of 79 metros, with Washington DC and New York City hitting their highest-ever rates of 5.1% and 6.6%, respectively, said the Reis report.
Reis expects vacancies to rise in 2018 before tapering off in 2019 as projects slated for completion will continue at least over the next 12 months.
In the fourth quarter, construction fell to 43,769 units from 60,890 units in the preceding quarter, with net absorption falling to 31,554 units from 48,545 units, said Reis’ report.
The report further states that the asking rent has edged up by 0.4% while the effective rent grew by 0.3%.