This year we will see of one of the largest increases in apartment building completions in recent history with Millenials helping to fill these new units in some markets, based on our Multifamily housing economic outlook for 2015.
Given the amount of new supply and the continued upward trend of construction starts, we expect vacancy rates to rise in most metros as new supply becomes available.
The top 10 areas with the most gross effective income growth along with the vacancy rates are:
Vacancy Rate Forecast
|1||San Francisco, CA||4.9%||3.0%|
|4||San Jose, CA||3.9%||2.6%|
|5||New York, NY (5)||3.9%||2.6%|
|7||San Diego, CA||3.8%||2.9%|
A video preview along with the complete Outlook is available here.
Want to receive our weekly blog round up? Subscribe at the right – and each Friday we'll send you our latest blog posts.
Have a comment or question about this post? Email us to let us know what's on your mind.