Florida Virtual Houses

Apartment Vacancies Hit Record Highs

July 8th, 2009

You'd expect with job losses rising and so many Reis.

It seems that people are moving in with friends and family, or are finding roommates.

Effective rents, which include concessions, fell 1.9% from a year earlier and 0.9% from the previous quarter.

Spring is normally a good time for landlords to find new tenants, so the vacancy increase is particularly distressing for apartment owners.

San Jose, San Francisco, Las Vegas, Orange County, and Seattle had the worst effective rent drops for the quarter, according to Reis. Birmingham, Chattanooga, Louisville, Norfolk, and Syracuse had the highest rent increases.

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