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Dupre + Scott Surveys the Rental Market

By March 24, 2014

Market Report

Vacancy Rate

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].

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