Renting and Leasing
According to CoStar Group, the #1 commercial real estate information group, almost every multifamily market saw strong leasing, rising demand and falling vacancy rates in the third quarter as the nations rental market continued a solid 2010 rally. As of now rentals should continue to surge over the next five years, with a growing supply of renters and very little new product in the planning and building pipeline.
Vacancy rates are above historical averages and in many multi-family communities robust incentives are being offered to move renters in. Still the national vacancy rate compiled from the 54 largest markets declined for a third straight quarter in 2010. Raleigh/Durham, Charlotte, Nashville and Dallas/Fort Worth have seen the highest demand and the sharpest decline in vacancy rates.
CoStar Group November 3, 2010
