Dupre + Scott Surveys the Rental Market
Apartment research firm Dupre + Scott have completed their twice a year survey of 2,163 properties encompassing 223,100 units. Here are the high level points:
- The vacancy rate is 3.6%, down from 4% last fall.
- It has only been this low once before since 1980.
- Vacancies fell in all five counties over the past six months.
- Rents are up 3.3% in the past six months and 7.5% in the past 12 months.
- Managers plan to raise rents another 2.9% by September.
- Developers opened almost 4,000 units in the past six months.
- Developers will open close to 7,000 new units in the next six months
- You have to go back 20+ years to find production anywhere near that level.
- Only 15% of the properties we surveyed last week offer concessions.
- But concessions are moving higher. They average $580 now, up from $461 last fall.
Here’s the news release [doc] and all the data [xlsx].