Vacancy and Absorption Rates
  Vacancy1 Absorption2
Year Rental Apartment Vacancy Rate (5+ Units) Rented within 3 Months of Completion Rented within 6 Months of Completion
1975 8.3% 70% 85%
1976 7.8% 80% 93%
1977 7.1% 80% 94%
1978 6.7% 82% 93%
1979 7.6% 82% 93%
1980 7.1% 75% 90%
1981 6.4% 80% 92%
1982 6.5% 72% 87%
1983 7.1% 69% 85%
1984 7.5% 67% 84%
1985 8.8% 65% 84%
1986 10.4% 66% 84%
1987 11.2% 63% 82%
1988 11.4% 66% 84%
1989 10.2% 70% 86%
1990 9.6% 67% 85%
1991 10.4% 70% 87%
1992 10.0% 74% 91%
1993 10.2% 75% 88%
1994 9.7% 80% 93%
1995 9.5% 80% 89%
1996 9.7% 73% 88%
1997 9.2% 72% 90%
1998 9.5% 73% 89%
1999 8.9% 72% 89%
2000 9.2% 72% 87%
2001 9.7% 72% 82%
2002 10.5% 64% 78%
2003 11.4% 59% 79%
2004 11.5% 61% 81%
2005 10.4% 62% 84%
2006 10.2% 64% 76%
2007 10.3% 58% 74%
2008 11.2% 55% 68%
2009 12.3% 51% 71%
2010 11.6% 61% 79%
2011 10.4% 59% 73%
2012 9.5% 63% 81%
2013 9.1% 63% 82%
2014 8.3% 61% 82%
2015 7.4% 60% 80%
2016 7.8% N/A N/A
2017 8.6% N/A N/A

Source: 1Housing Vacancy Survey, US Census Bureau. 2Survey of Market Absorption, US Census Bureau. Updated March 2018.

Prices, Rents, and Capitalization Rates for Apartment Properties
Year Price ($ per Square Foot) Annual Rent ($ per Square Foot) Cap Rate (%)
2002 $132 $0.96 8.1%
2003 $131 $0.96 7.6%
2004 $141 $0.97 7.0%
2005 $146 $1.01 6.3%
2006 $149 $1.06 6.3%
2007 $146 $1.09 6.3%
2008 $142 $1.11 6.4%
2009 $125 $1.06 6.8%
2010 $133 $1.06 6.7%
2011 $147 $1.11 6.4%
2012 $148 $1.14 6.2%
2013 $153 $1.19 6.3%
2014 $155 $1.24 6.1%
2015 $181 $1.32 5.9%
2016 $193 $1.38 5.7%
2017 $196 $1.44 5.6%
Source: Real Capital Analytics; MPF Research. Updated March 2018.

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