Dupre + Scott: Rents up 8.2% in Last Year
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.
