News
A Bit Better Than Average
January 24, 2011
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| While Chicago’s apartment sector hasn’t dominated, the metro still finds itself in a better place than most, according to Reis analystBrad Doremus. Chicago apartments registered a respectable 30 bps drop in vacancy to 5.6% in Q4 '10. While lagging behind the 70 bpsfall exhibited nationally, the metro’s vacancies still sit at 100 bpsbelow the 6.6% national average. On a year-over-year basis, vacancies are down 110 bps in the Chicago market and 140 bps across the country. During 2011, Reis expects vacancies to fall roughly 40 bps and continue to drop over the next several years to around mid-4%. Vacancy changes on the national level will mirror this improvement, as US vacancies are expected to fall by a similar amount in '11 and drop to around mid-5% in the next few years. |
