Quick Facts: Market Conditions


   Vacancy and Absorption Rates
 Vacancy1Absorption2
YearRental Apartment Vacancy Rate (5+ Units)Rented within 3 Months of CompletionRented within 6 Months of Completion
19758.3%70.00%85.00%
19767.8%80.00%93.00%
19777.1%80.00%94.00%
19786.7%82.00%93.00%
19797.6%82.00%93.00%
19807.1%75.00%90.00%
19816.4%80.00%92.00%
19826.5%72.00%87.00%
19837.1%69.00%85.00%
19847.5%67.00%84.00%
19858.8%65.00%84.00%
198610.4%66.00%84.00%
198711.2%63.00%82.00%
198811.4%66.00%84.00%
198910.2%70.00%86.00%
19909.6%67.00%85.00%
199110.4%70.00%87.00%
199210.0%74.00%91.00%
199310.2%75.00%88.00%
19949.7%80.00%93.00%
19959.5%80.00%89.00%
19969.7%73.00%88.00%
19979.2%72.00%90.00%
19989.5%73.00%89.00%
19998.9%72.00%89.00%
20009.2%72.00%87.00%
20019.7%72.00%82.00%
200210.5%64.00%78.00%
200311.4%59.00%79.00%
200411.5%61.00%81.00%
200510.4%62.00%84.00%
200610.2%64.00%76.00%
200710.3%58.00%74.00%
200811.2%55.00%68.00%
200912.3%51.00%71.00%
201011.6%61.00%79.00%
201110.4%59.00%73.00%
20129.5%63.00%81.00%
20139.1%63.00%82.00%
20148.3%61.00%82.00%
20157.4%60.00%80.00%
20167.5%N/AN/A
Source: 1Housing Vacancy Survey, US Census Bureau. 2Survey of Market Absorption, US Census Bureau. Updated August 2017.

 


Prices, Rents, and Capitalization Rates for Apartment Properties


Year


Price ($ per Square Foot)


Annual Rent ($ per Square Foot)


Cap Rate (%)


2002


$130


$1.02


8.15%


2003


$133


$1.02


7.55%


2004


$151


$1.03


6.96%


2005


$149


$1.06


6.34%


2006


$146


$1.10


6.25%


2007


$147


$1.15


6.30%


2008


$137


$1.16


6.41%


2009


$120


$1.12


6.77%


2010


$148


$1.13


6.69%


2011


$152


$1.17


6.41%


2012


$153


$1.21


6.26%


2013


$150


$1.25


6.26%


2014


$171


$1.30


6.07%


2015


$186


$1.37


5.91%


2016


N/A


$1.43


5.71%


Source: Real Capital Analytics; MPF Research. Updated August 2017.