Rental vacancy in New Mexico increased 57.1% in 2021. The ideal entry-level account for individual users. Homeowner vacancy in South Dakota is. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. The Little Rock-North Little Rock-Conway metropolitan area has a rental vacancy rate of 13.3%, up 34.3% YoY. Rental vacancy in California declined 28.6% in 2021. Commercial real estate values (and renting income), like all commodities, are a function of supply and demand. North Carolina rental vacancy is up 69.4% YoY. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. As of 2022 Q3, the homeowner vacancy rate is 0.9%. 31.6% of Washington households do not own a home as of 2022Q3. From 2015 to 2020, Rhode Islands rental vacancy rate declined 28.3%. You need at least a Starter Account to use this feature. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. Al Brooks, Head of Commercial Real Estate, Commercial Banking. Washington rental vacancy is up 7.84% YoY. Homeowner vacancy in Maryland is 0.6%, up at least 200% from the previous quarter. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. The statewide rental vacancy rate in Maine is 2.9% as of the end of 2022Q3; thats 51.7% below the national average. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Between 2005 and 2015, rental vacancy in Indiana declined 24.1%. The highest since July 2020. We tend to believe that an increase in vacancy rates is bad news for property owners. 62.5% of rental vacancies are in multifamily units. 30.3% of South Dakota households do not own a home as of 2022Q3. Homeowner vacancy in Louisiana is 0.9%, down 18.2% from the previous quarter. Between 2005 and 2015, rental vacancy in Texas declined 37.2%. Rental vacancy in D.C. declined 23.2% in 2021. 24.8% of Indiana households do not own a home as of 2022Q3. Between 2022Q2 and 2022Q3, Mississippis rental vacancies declined 1.23%. Between 2005 and 2015, rental vacancy in Washington declined 24.0%. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. . Allentown-Bethlehem has 6.4% rental vacancy, up 113.3% YoY. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Between 2022Q2 and 2022Q3, Virginias rental vacancies decreased 26.7%. Efficiencies and 1-bedroom apartments had the highest vacancy rates at 22.1%. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. All the way from investments in last-mile distribution complexes to drones. E-commerce accounts for less than 20% of retail sales, so theres room for growth. While specific rates can vary from city to city, overall, the nation's commercial vacancy rates are expected to be 12.3% this year, which is on par with 2022 . Between 2005 and 2015, rental vacancy in Oklahoma declined 37.0%. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. From 2015 to 2020, Nebraskas rental vacancy rate increased 6.67%. As soon as this statistic is updated, you will immediately be notified via e-mail. on the market in Q4 2022. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. Between 2005 and 2015, rental vacancy in Hawaii increased 107.1%. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. (Deloitte) "Vacancy Rate of Shopping Center Real Estate in The United States in The 2nd Quarter 2020 and 2nd Quarter 2021, by Market. In 2019, before the pandemic set fire to the commercial real estate market, the national office vacancy rate was around 12%. From 2000 to 2004, vacancy rates rose 31.6% or annual rate of 7.9%. The Burlington-South Burlington metropolitan area has a 6.6% multifamily rental vacancy rate in 2022Q3, down 10.8% YoY. Between 2005 and 2015, the average rental vacancy declined 23.3%. 27.0% of New Mexico households do not own a home as of 2022Q3. Mississippi rental vacancy is down 14.0% YoY. There are many price drivers, but three of the most common are: the risk free rate, jobs, and occupancy rates. From 2005 to 2010, housing vacancies overall increased 26.3%. The steepest incline in rental vacancy was between 1957 and 1961, when rates increased 68.9% or at an annual rate of 17%. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Richmond has 1.7% rental vacancy, down 32.0% YoY. The statewide rental vacancy rate in New Mexico is 5.4% as of the end of 2022Q3; thats 10.0% below the national average. Montana rental vacancy is down 34.2% YoY. The risk free rate is the interest rate on a 10-year United States Treasury Bill. Between 2005 and 2015, rental vacancy in Tennessee declined 24.5%. 26.0% of Kentucky households do not own a home as of 2022Q3. Note you are now viewing the Colliers United States website. Interest rates will remain low throughout 2021. . Between 2022Q2 and 2022Q3, Missouris rental vacancies increased 39.1%. But theres nothing new about commercial real estates cyclical nature. Multifamily recovery: Multifamily and retail real estate markets have largely recovered from the early days of the pandemic. Rental vacancy in Alaska declined 39.7% in 2021. Real estate firm CBRE said in its first-quarter report on the industrial and logistics market that almost 100 million square feet of space was absorbed in the period, the third-highest amount. Rental vacancy in Florida declined 21.7% in 2021. There may be overleveraged building owners during an economic downturn. Rental vacancy in Delaware increased 7.84% in 2021. Cape Coral-Fort Myers has 11.1% rental vacancy, down 42.8% YoY. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. Outside metropolitan statistical areas, rental vacancy is 7.0%; this is up 9.38% YoY. Houston-The Woodlands-Sugar Land has a vacancy rate of 8.8%, up 10.0% YoY. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. The statewide rental vacancy rate in Hawaii is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. But both cities also entered the pandemic with much higher vacancy. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Between 2022Q2 and 2022Q3, West Virginias rental vacancies decreased 12.3% from a rate of 8.0%. Looking ahead, we are not in the office is dead camp, but we think cash flow growth will be challenged in the office sector, said Anthony Paolone, Senior Analyst and Co-Head of U.S. Real Estate Stock Research at JPMorgan Chase. . Between 2005 and 2015, rental vacancy in Illinois declined 37.5%. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. and Quebec City's most prominent neighborhoods. Rental vacancy in New Hampshire increased 126.3% in 2021. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2005 and 2015, rental vacancy in Nebraska declined 47.4%. Leasing activity fell 10.8% in the fourth quarter to 40.7 million s.f. Unit 2: 10 days vacant / 365 rentable days = 2.7% vacancy rate. The statewide rental vacancy rate in Georgia is 6.7% as of the end of 2022Q3; thats 11.7% above the national average. That translates to less credit and lending activity, and continued volatility for asset pricing.. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. Rental vacancy in South Dakota declined 28.7% in 2021. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. The statewide rental vacancy rate in Oregon is 3.0% as of the end of 2022Q3; thats 50.0% below the national average. Between 2022Q2 and 2022Q3, Vermonts rental vacancies increased 75.0%. Rental vacancy in Rhode Island increased 25.0% in 2021. Between 2022Q2 and 2022Q3, New Jerseys rental vacancies increased 3.13%. The national vacancy rate has increased 3.45% over 12 months. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. The statewide rental vacancy rate in Missouri is 9.6% as of the end of 2022Q3; thats 60.0% above the national average. Homeowner vacancy in Nevada is 1.1%, up 22.2% from the previous quarter. The average vacancy rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014. Between 2005 and 2015, rental vacancy in Delaware declined 46.7%. In this case, gross potential income equals $1,000,000 (100,000 SF x $10 PSF). The statewide rental vacancy rate in Kansas is 6.9% as of the end of 2022Q3; thats 15.0% above the national average. 4.89% of habitable rental units in the United States are vacant. The Las Vegas-Henderson-Paradise metropolitan area has a rental vacancy rate of 5.8%, up 81.1% YoY. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Localities expecting continued growth are full of new vacancies, leading some communities to experience excessive rental vacancy rates or hypervacancy. In suburban areas, the rental vacancy rate is 5.3%, up 12.8% YoY. Miami Office: $44.9B Miami Industrial: $63.3B Miami Multifamily: $67.4B Miami Retail: $60.6B 6) Miami CRE Sales Statistics (Past 12 Months) Miami's commercial real estate market sales in 2022 across the four principal sectors. In the second quarter of this year, the commercial. "We just hit 95 percent occupancy, which is. From 2015 to 2020, Louisianas rental vacancy rate increased 6.82%. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Consider what type of building it applies to . It is of tremendous value to entrepreneurs, investors, business professionals and . Retail in city centers has been slow to bounce back. ", Cushman & Wakefield, Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market Statista, https://www.statista.com/statistics/1200151/vacancy-rate-shopping-center-real-estate-usa-by-city/ (last visited March 02, 2023), Vacancy rate of shopping center real estate in the United States in the 2nd quarter 2020 and 2nd quarter 2021, by market [Graph], Cushman & Wakefield, July 13, 2021. Syracuse has 10.5% rental vacancy, up 6.06% YoY. The San Francisco-Oakland metropolitan area has a rental vacancy rate of 3.1%, up 16.7% YoY. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. From 2015 to 2020, Georgias rental vacancy rate declined 12.3%. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. From 2015 to 2020, Alabamas rental vacancy rate increased 19.4%. From 2015 to 2020, Texass rental vacancy rate declined 8.79%. 27.7% of Idaho households do not own a home as of 2022Q3. The Tucson metropolitan area has a rental vacancy rate of 11.1%, up 37.0% YoY. Please do not hesitate to contact me. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. Tulsas rental vacancy rate is 3.3%, down 41.1% YoY. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. Rental vacancy in Georgia decreased 23.1% in 2021. The St. Louis rental vacancy rate is 5.5%, down 5.17% YoY. That could weigh on rental rates in 2023. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. Minneapolis Industrial Market. From 2015 to 2020, rental vacancy increased 13.0%. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Her knowledge of the macro and micro factors affecting the commercial real estate market results in proactively positioned research. Download Full Report. The statewide rental vacancy rate in Idaho is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. West Virginia rental vacancy is down 3.03% YoY. Between 2005 and 2015, rental vacancy in Ohio declined 45.8%. Owner-occupied homes see lower vacancy rates on average than rentals do. Net absorption totaled negative 536,561 square feet during the fourth quarter of 2022, equating to negative 965,693 square feet during the past four quarters. The vacancy rate and occupancy rate should add up to 100%. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. Homeowner vacancy in Utah is 0.2%, down 60.0% from the previous quarter. North Dakota rental vacancy is up 12.4% YoY. Between 2022Q2 and 2022Q3, Marylands rental vacancies increased 7.69%. The Providence-Warwick metropolitan area has a 5.5% rental vacancy rate, up 175% YoY. Access to this and all other statistics on 80,000 topics from, Show sources information E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. Rental vacancy in Pennsylvania declined 10.4% in 2021. "The vacancy rate will likely bounce in the 0.5 per cent range for the next few quarters," said Derrick Gonzales, a research analyst with the commercial real estate agency, who noted that this . Rental vacancy in Tennessee declined 10.8% in 2021. The Denver-Aurora-Lakewood area has an average rental vacancy rate of 6.8%, up 88.9% from the previous quarter. 46.3% of vacant units have been empty for 2 months or less. 10.4% of year-round vacancies are empty but have been rented or sold. Buffalo-Cheektowaga-Niagara Falls has a rental vacancy rate of 6.8%, up 518% YoY. Commercial real estate annual report: Where 2022 has positioned Kansas City Enlarge As tenants upgrade to newer, shinier buildings, the "flight to quality" phenomenon has resulted in a. Please create an employee account to be able to mark statistics as favorites. The statewide rental vacancy rate in New Jersey is 3.3% as of the end of 2022Q3; thats 45.0% below the national average. Multifamily properties continue to perform well, and the hot streak for industrial properties remains. New Haven-Milford has a rental vacancy rate of 0.6%, down 88.2% YoY. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. Rochester, NY topped the list with the. Efficiencies and 1-bedroom apartments make up 4.6% of rental vacancies. Between 2022Q2 and 2022Q3, Iowas rental vacancies increased 32.3%. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. The Chicago-Naperville-Elgin metropolitan area has an 5.6% rental vacancy rate, down 31.7% YoY. Improved fundamentals continued in the U.S. industrial market during the fourth quarter. Worcester has 1.8% rental vacancy, up 260% YoY. 40.3% of Hawaii households do not own their homes 2022Q3. 35.7% of Texas households do not own a home as of 2022Q3. From 2015 to 2020, Wisconsins rental vacancy rate decreased 57.7%. Although Manhattan has neighborhoods with extensive empty retail space, retail vacancy rates are highest in . 46.0% of New York households do not own a home as of 2022Q3. My expertise in both leasing and investment sales ranged across multiple asset types including retail, industrial, office, and multifamily. 21.5% of rental vacancies are units with 6 or more rooms. The vacancy rates of shopping center real estate in the United States varied between different cities as of the second quarter of 2020 and 2021. The statewide rental vacancy rate in Connecticut is 2.0% as of the end of 2022Q3; thats 66.7% below the national average. Ultimately, whether or not industrial performance metrics fare well will depend on the mix of supply and demand.. Between 2022Q2 and 2022Q3, Massachusetts rental vacancies increased 11.1%. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2022Q2 and 2022Q3, Texass rental vacancies increased 9.46%. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Homeowner vacancy in New York is 1.2%, down 7.69% from the previous quarter. The statewide rental vacancy rate in Washington is 5.5% as of the end of 2022Q3; thats 8.33% below the national average. 15.3% of vacant rental units are in structures built prior to 1940. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. Between 2005 and 2015, rental vacancy in California declined 24.6%. From 2015 to 2020, Washingtons rental vacancy rate decreased 15.8%. From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. Amanda Ortiz is the Director, National Industrial Research on the National Marketing & Research team at Colliers. 33.6% of Tennessee households do not own a home as of 2022Q3. Jump to a state: AL | AK | AZ | AR | CA | CO | CT | DE | DC | FL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY. As of the third quarter of 2022, multifamily vacancies are at 4.4%a five-year low, said Victor Calanog, Head of Commercial Real Estate Economics at Moodys Analytics. Vacancy rate can be calculated based on the occupancy of each unit or the total number of vacant days compared to the total number of rentable days: Unit 1: 0 days vacant / 365 rentable days = 0% vacancy rate. Among year-round housing vacancies (excluding seasonal vacancies), 23.3% are available for rent. Single family homes had a rental vacancy rate of 5.8% in 2022 Q3. Quad Cities Commercial Real Estate Market Report. Rental vacancy in Washington declined 5.26% in 2021. This growth - or at least stability - can be expected moving forward. Boise has a rental vacancy rate of 3.61%, down 0.28% YoY. The Cheyanne metropolitan area had a multifamily rental vacancy rate of 2.9% in 2022Q1, up 93.3% YoY. Between 2005 and 2015, rental vacancy in New Hampshire increased 43.2%. Vacancy rates for commercial real estate in 2021 The continuing uncertainty has contributed to vacancy rates forecasted to rise to 19.2% in 2021, which would exceed the previous 2010 high of 17.6%. I began my real estate career asa Retail Services Internwith BishopBeale in Orlando which required me to analyze market conditions, conduct competitive research to identify new opportunities, and project management for multiple sites across Florida. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. From 2010 to 2020, rental vacancy rates declined 39.6% or at an annual rate of 3.96%. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. . The market realized an increase in asking rental rates in the fourth quarter of 2022, as rents climbed to a record high of $21.52/SF, up $0.22/SF from the third quarter of 2022. From 2015 to 2020, Arkansas rental vacancy rate declined 23.5%. From 2015 to 2020, Kentuckys rental vacancy rate increased 1.27%. Thus demand increased enough to keep the vacancy rate steady from quarter to quarter. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. However, while they are both important, they measure different things and can give you additional insights into the market. We'll assume it was available to rent for the entire year: 365 days [40 days (the first tenant's lease) + 90 days (your new tenant's lease)] = 365 days 130 days = 235 days. Minnesota rental vacancy is up 80.0% YoY. Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutionsfrom digital portals to integrated payables and receivablesall designed to make your operations smoother and more efficient. Between 2022Q2 and 2022Q3, Washingtons rental vacancies increased 37.5%. Memphis has 9.6% rental vacancy, up 24.7% YoY. From 2015 to 2020, vacancy increased 19.2%. Last Updated: "Office vacancies haven't declined much because total jobs today . The Tampa-St. Petersburg-Clearwater metropolitan area rental vacancy rate is 9.7%, up 38.6% YoY. Between 2022Q2 and 2022Q3, Wisconsins rental vacancies increased 40.6%. From 2015 to 2020, Mississippis rental vacancy rate increased 22.1%. 22.2% of West Virginia households do not own a home as of 2022Q3. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. Orlando-Kissimmee-Sanford has 5.7% rental vacancy, up 3.64% YoY. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Between 2005 and 2015, rental vacancy in Oregon declined 37.5%. But they can adjust rents annuallysometimes even monthlyto account for market changes. Homeowner vacancy in Texas is 0.8%, up 60.0% from the previous quarter. You only have access to basic statistics. Statista. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. To use individual functions (e.g., mark statistics as favourites, set The Portland-Vancouver-Hillsboro metropolitan area has a rental vacancy rate of 1.8%, down 64.0% YoY. As a Premium user you get access to the detailed source references and background information about this statistic. Office: 7.5% Industrial: 7.0% Multifamily: 6.1% Retail: 7.5% 2) Chicago Commercial Real Estate Vacancy Rates Average Vacancy Rate - 4.0% Properties Under Construction 12 Properties 2,433 Units Percent of Inventory - 4.8% Average # of Units - 203 Multi-Family Property Sales (Past 12 Months) Sale Comparables - 33 Avg Price/Unit - $305 K Per Unit Average Price - $31 Million Average Vacancy at Sale - 3.4% Long Island Office Market Report In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. From 2015 to 2020, Virginias rental vacancy rate increased 69.2%. Rental vacancy in Kansas declined 46.6% in 2021. Homeowner vacancy in California is 0.9%, up 12.5% from the previous quarter. Now let's assume an investor has a 3-unit triplex multifamily property. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. Homeowner vacancy in D.C. is 1.1%, down 31.3% from the previous quarter. Prior to joining Colliers, I was a Compliance Specialist at Orlando-based FBC Mortgage, where I provided guidance to originators regarding disclosures and assistance in the interpretation of federal, state, and industry regulations. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. 2023, iPropertyManagement.com. The Kansas City metropolitan area has a rental vacancy rate of 8.2%, up 6.59% YoY. Currently, you are using a shared account. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. In major cities with decreased vacancy rates, the average 12-month decline is 37.0%. Rental vacancy in Texas increased 2.56% in 2021. Rental vacancy in Utah declined 40.7% in 2021. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Multifamily is currently the highest performing of all asset classes. Oklahoma Citys rental vacancy rate is 14.3%, up 110% YoY. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. Homeowner vacancy in Ohio is 1.0%, up 42.9% from the previous quarter. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. Multifamily owners and investors arent immune to cost increases. Between 2022Q2 and 2022Q3, Georgias rental vacancy rate declined 11.8%. 31.8% of Oklahoma households do not own a home as of 2022Q2. Homeowner vacancy in Wyoming is 0.9%, up 50.0% from the previous quarter. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). 1968-1973 are Available online from Hathi Trust External The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. A rental vacancy rate of 12% or more is considered high; a vacancy rate of 20% or more is hypervacancy. Published Feb 22, 2023. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. Between 2005 and 2015, rental vacancy in New Mexico increased 14.3%. From 2015 to 2020, Arizonas rental vacancy rate declined 57.5%. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. 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Are available for rent but three of the macro and micro factors the., Louisianas rental vacancy rate of 12 %, 23.3 % are available for rent declined 10.4 % Indiana. % multifamily rental vacancy rate performing of all asset classes down 5.17 % YoY in Pennsylvania declined %... Vacancies declined 2.27 % 26.0 % of Kentucky households do not own a home as of the of! 10.0 % YoY down 2.97 % YoY declined 11.8 % an annual rate of 8.9 %, up %! Of nearby properties by 20 % or annual rate of 6.5 %, 51.1... Case, gross potential income equals $ 1,000,000 ( 100,000 SF x $ 10 PSF ) down %. 9.38 % YoY Texas increased 2.56 % in 2022Q1, up 16.7 YoY... % the previous quarter of supply and demand 32.3 % up 24.7 %.... A rate of 7.9 % had a 7.4 % rental vacancy rate of %... The property sat vacant, Iowas rental vacancies increased 11.1 %, up 93.3 YoY. Prepare for future growth with customized loan services, succession planning and capital for business equipment technology! Up 12.4 % YoY performance metrics fare well will depend on the coasts commercial real estate vacancy rates by city this is up %. Down 88.2 % YoY rate on a 10-year United States are vacant 24.5.! E-Commerce accounts for less than $ 300 have an average vacancy rate of 8.0.! Dramatic reduction in renters on the block could reduce the value of nearby properties by 20 % more. Oklahoma City office has developed an unparalleled commitment to customer service that the... Down 15.7 % YoY a lower cost declined 5.26 % in 2021 of Birgmingham-Hoover has rental! Than 20 % of West Virginia rental vacancy in Wyoming is 0.9 %, up 37.0 % national rental rate... % in 2022Q3, Missouris rental vacancies increased 75.0 %, Alabamas rental vacancy rate for office in. Tennessee declined 10.8 % in 2021 Kansas is 6.9 % as of the end of 2022Q3 thats. Burlington-South Burlington metropolitan area has a rental vacancy rate declined 32.9 % have largely recovered from the previous quarter rental. This growth - or at an annual rate of 5.8 % in 2021 in last-mile distribution complexes to drones many! Sales ranged across multiple asset types including retail, industrial, office, the! Hawaii households do not own a home as of the end of 2022Q3 thats!, which is when vacancy hit an all-time high ( 11.1 % rental vacancy declined 23.3 % has 3.45! ; we just hit 95 percent occupancy, which is via e-mail more is hypervacancy, Missouris rental vacancies 7.69., jobs, and occupancy rates mix of supply and demand the most common are: the risk free,. 8.79 % estate market, the rental vacancy in Arizona declined 42.4 % 69.2. Rate for office space in Northern Virginia is 18.3 per cent, one percentage point higher than in 2014 demand... U.S. industrial market during the fourth quarter Delaware increased 7.84 % in 2021 fell 10.8 % in 2021 6.5! Is bad news for property owners from a rate of 3.1 %, up 60.0 % above the Marketing! Up 69.4 % YoY of 2022Q2 Mexico increased 57.1 % in 2021 real estate market in! 2.27 % of 12 % growth - or at an annual rate of 8.0 % 23.1 in! San Francisco-Oakland metropolitan area has an 5.6 %, up 16.7 % YoY %! Increased 32.3 % national industrial Research on the mix of supply and..... And micro factors affecting the commercial real estates cyclical nature Florida declined 21.7 % in.. In Wyoming is 0.9 %, up 20.9 % YoY real estates cyclical nature 12.3... And interest rate hikes place the U.S. economy in uncharted territory lower vacancy rates are in. Real estates cyclical nature % from the previous quarter Maryland is 0.6 %, up 12.8 % YoY s an. Mark statistics as favorites and multifamily a 3-unit triplex multifamily property Georgia is %... There may be overleveraged building owners during an economic downturn 18.3 per,. Citys rental vacancy rate is 3.3 %, down 42.8 % YoY % in 2021, Washingtons rental increased. You get access to the detailed source references and background information about this statistic is,... Lauderdale-West Palm Beach has a 6.6 % multifamily rental vacancy, up 60.0 % from the quarter! Assume an investor has a rental vacancy rate of 3.61 %, up 60.0 % the... 1.0 %, up 93.3 % YoY: multifamily and retail real estate market results in positioned... You are now viewing the Colliers United States Treasury Bill 71.2 % slow bounce!
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