A recent survey released by ALN Apartment Data shows interesting trends for the multi-family housing industry. In a comparison of July 2008 and July 2009, both occupancy rates and average rent rates have dropped considerably. In a time of economic uncertainty, these findings are good news for the tenant, but bad news for the apartment industry.
If the apartment industry is looking for signs of recovery, it will not find it in this recent report. Apartment communities need to maintain an average occupancy rate of around 90% in order to be profitable. This report shows many cities have slidden into the mid 80% occupancy range, and the rent rates have fallen in order to compete for the lack of demand. Read this National Rental and Vacancies Rankings in order to find how your city compares to others across the nation.
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