Vacancy rates moved upward .7% above last quarter. Comparing winter to winter, the surveyed vacancy rate rose from 3.4% for Q4 of 2012 to 3.9% for Q4 of 2013 with a recent surge in single-family vacancies for the quarter.
Rental rates were also pressured for the last quarter, but realized healthy annual growth. Winter rate fluctuations are historically expected to be the result of increased competition attempting to avoid vacancy and turnover time in the coldest weather of the year when renter demand is lowest. Multi-family rates were relatively stable with some segments slightly up and some slightly down within the statistical variability of the survey. Most of the downward rental rate movement for the quarter was in the single-family market. Year-over-year, average rents increased by 7.6%!
Courtesy of Park Place Property Management, For full report click here
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