Multifamily sector fundamentals are bouncing back after about two years of steady declines, according to Reis Inc.
The New York research firm reported that the sector’s asking and effective rents both rose in the first quarter after dropping in the six preceding quarters, while its national vacancy rate held flat at 8% after increasing in the previous eight quarters.
Also, 20,424 multifamily units were absorbed in the first quarter, up 31% from the preceding quarter, and compares to a dismal full-year 2009 when the negative absorption, or the number of units that were made available exceeded new leasing activity by 6,296 units.
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