Commercial Appraiser - Appraisal Blog, APPRAISAL/CONSULTING SERVICES: LA, Los Angeles, 310.337.1973:

Dynamics of the Current Rental Housing Market

The national rental vacancy rate during the second quarter of 2009 was up from both the previous quarter and the same quarter in 2008. However, changes in vacancy rates varied regionally from a marginal annual decline in the Seattle-Bellevue-Everett metropolitan statistical area (MSA) to a noteworthy yearly increase in the Phoenix-Mesa-Scottsdale MSA.

A new working paper, "U.S. Rental Housing Characteristics: Supply, Vacancy, and Affordability," reports these findings as part of its overview of the current rental housing market dynamics, in relation to supply, local conditions, the national assisted rental housing stock, and both need and demand for affordable rental housing. Trends in rental housing characteristics over time are also noted.

Key Findings:

The national rental vacancy rate was 10.6 percent in the second quarter of 2009, up from both the previous quarter and the same quarter in 2008.
In 2008, regional vacancy rates ranged from 4.5 to 18.3 percent.
From 20062008, Section 8 vacancy rates varied marginally and did not exceed 5%; public housing vacancies fell 2%.
Low-income housing tax credit developments represented approximately half of all newly constructed multifamily units since 2000.
From 20012007, the stock of affordable unassisted rentals dropped 6.3%; high-rent units increased 94.3%.
Renter households spending at least 50% of their incomes on housing increased from 8.3 million in 2007 to 8.7 million in 2008.

Commercial Appraiser - Appraisal Blog, APPRAISAL/CONSULTING SERVICES: LA, Los Angeles, 310.337.1973

A Public Service of The Harris Company, Commercial and Forensic Real Estate Appraisers & Consultants, LA, Los Angeles. For appraisal or other consulting services we can be reached at 310.337.1973, harris_curtis@sbcglobal.net, http://www.harriscompanyrec.com, https://twitter.com/#!/appraisercommer

TrackBack

Post a comment