Apartment Vacancies Fall; Rents Climb

Housing affordability is a big part of the housing picture.  When it is cheaper to rent, then people tend to rent more.  When rents start to climb, it is a precursor to stronger demand for housing.

The vacancy rate for U.S. apartments posted a steep decline in the first quarter and rents crept higher as the job market improves. The quarterly vacancy report showed the vacancy rate dropped to 6.2 percent in the first three months of the year, down from 6.6 percent in the fourth quarter. It was the steepest fall since the commercial real estate research firm began tracking the market in 1999. 

New York had the nation's lowest vacancy rate, 2.8 percent, and its highest average rental, $2,794 a month. At the opposite end of the spectrum, Memphis, Tennessee had the nation's highest vacancy rate, 11 percent. The average rent there was $634 a month.

Need some mortgage advice in Kansas City? Contact Jamie McKeehan at Stonebridge National. Jamie can be reached at 816.309.0054. Although Jamie's office is located in Overland Park, Jamie originates loans all throughout Kansas City. 

   Jamie McKeehanRE/MAX sells more homes than any other real estate company.
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Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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