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Home / Market Report / Dupre + Scott: Rents up 8.2% in Last Year

Dupre + Scott: Rents up 8.2% in Last Year

By September 22, 2014

Market Report

20140921RentChange6Mo

Apartment rent and vacancy trends and finds:

  • The vacancy rate is 3.8%, up minimally from 3.6% in the spring.
  • Rents rose 4.7% in the past six months and 8.2% in the past year – but beware the skew of the new
  • Excluding new construction, rents are up 3.9% in the past six months and 6.3% in the past 12 months
  • Developers opened 3,800 units since March, not quite meeting demand, which was for 4,200 units.
  • Developers will open close to 5,000 new units in the next six months
  • You have to go back 20+ years to find production anywhere near the current level.
  • Only 14% of the properties we surveyed offer concessions, but that will increase
  • Concessions are moving higher. They average $600 now, up from $461 last fall.

More: News release and rental market trends.

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