One of the mega-trends in real estate in recent years has been a shift by many consumers from being homeowners to renters. And for many 20 and 30 somethings, that 10 years ago at that stage of life to would be diving into homeownership for the first time, they now may well be renters for a decade or more given higher down payment and more stringent loan qualification requirements. Not surprisingly, residential rents continue to escalate and vacancy rates decline.
AXIOMetrics, Inc., a leading provider of apartment data and market research, has just completed a study of occupancy rates in the 90 largest metropolitan markets. Across the country, apartment occupancy has remained greater than 94 percent since 2012.
So where are apartments most limited in supply?