By: Pranav Kiran
The U.S. apartment vacancy rate increased marginally in the third quarter from the second, according to a report from Reis Inc.
The vacancy rates increased in 50 of 79 metros as many saw high construction that exceeded demand, the real estate research firm said.
The national vacancy rate rose slightly to 4.5 % in the third quarter from 4.4 %, according to Reis.
Asking rent rose 1 percent and effective rent grew 0.9 percent. They increased 3.8 percent and 3.3 percent, respectively, year-over-year, according to the report.
Total inventory is still expected to increase significantly in 2017 and 2018, Reis said.
However, construction in the third quarter, with 47,271 units, was again lower than expected, the company said.
New construction totaled 47,271 units, down from 51,925 units added a year earlier and down from 51,804 units added in the second quarter. (Editing by Maju Samuel)
Source: Reuters