News
2002 APARTMENT REDUX
August 9, 2011
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| Would you want to go back to ?02? You?d be nine years younger; the Patriots won their first Super Bowl (with two more to come); the Red Sox drought continued, but their next championship was just two years away. Plus, the average metro apartment vacancy was 4.3%. But Reis analyst Brad Doremus says you don't need to go back in time to see similar vacancies. During Q2 ?11, the Boston area apartment vacancy rate dropped 20 bps to 4.4%, the lowest since ?03 and just a smidgen above late ?02. The rate peaked at 6.5% (in both Q2 '09 and Q1 '10) and has been falling precipitously ever since, shedding 210 bps to mirror the national performance. The good times are back and Reis expects vacancies to fall into the low to mid 3's over the next several years. |
