Don’t take my word for it. A simple Google search will provide you with a bevy of data to support the claim there will be no polar vortex for the US rental market this winter…..it is hot, hot, hot. (The question is…..for how long?)
Let’s start with Zillow’s January press release. According to their findings, the US rental market increased 4.9% from 2013 to 2014, for a total 2014 market of $441B in rent. It’s a BIG number.
So, rent dollars are up – what about vacancies? They are down. US census data reports Q4 2014 national vacancies were 7.0%, down 1.2% from Q4 2013 and fairly consistently down in every region. Digging deeper, we are hearing about rental gaps in markets like Asheville, North Carolina, where they are reporting a 1.0% vacancy rate (reported by the Citizen-Times HERE). They claim that 5% vacancy rate makes for a healthy rental market.
Don’t be shocked to see ‘no vacancy’ signs across the US.
What about your region? Is it hot or not?