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Apartment demand keeps climbing
“The simple fact that vacancy continues to compress despite such low vacancy rates speaks volumes about the ongoing demand for apartments,” said Ryan Severino, senior economist at Reis. “The national vacancy rate now stands 380 basis points below the cyclical peak of 8 percent observed right after the recession concluded in late 2009.”
As a result, construction is surging ahead, with 34,834 units completed during the quarter, the highest level in four years and up from 21,237 a year ago. This large surge in new apartment product will meet head on with strong demand, and is therefore unlikely to cause any easing in rents.
By: Diana Olick | CNBC Real Estate Reporter
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank
