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Apt. Sector Holds the Line on Vacancies

Even as apartment supply ticked up in many markets, just six of 79 metro areas saw declines in effective rents for the third quarter, writes Barbara Byrne Denham at Reis.

By Paul Bubny | paulbubny | Updated on September 26, 2017

Barbara Byrne Denham of Reis Denham sees landlords becoming less aggressive with rent concessions.

NEW YORK CITY—The multifamily sector is containing the effects of increased supply on occupancy, as the national vacancy rate increased by just 10 basis points during the third quarter to 4.5%, a smaller-than-expected uptick, Reis said Tuesday. Even as vacancies rose during Q3, so did both asking and effective rents on a national basis.

The average asking rent grew 1.0% in Q3, just under the average quarterly growth rate of 1.1% seen over the previous six quarters. Similarly, effective rent growth was 0.9% in the quarter, also just below the average seen over the prior six quarters: 1.0%.

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