According to Reis, Inc., a New York-based property research firm, the national apartment market reached its highest vacancy rate in 2003. As low interest rates continually transformed renters into buyers, the year end vacancy rate for apartments was at 6.9 percent, up from an earlier 6.5 percent.
Experts predict that multi-family properties will see increased activity this year, steadily increasing throughout 2005 and 2006. Returns on multi-family investment properties, such as apartments, are also expected to increase.
Information from REALTOR Magazine’s Weekly Commercial Issues was used for this report.