Markets with the Lowest and Highest Vacancy Rates

Every year, Marcus and Millichap releases a report on how they think the rental market will be for that year. In the beginning of 2007 they released a report on the status of the Apartment and Rental industry for 2007.

They predicted many things and one was the lowest and highest vacancy rates for 2007.

Their prediction:

Lowest Forecasted 2007 Vacancy rates:

New York City Vacancy Rate - 2.8%
Los Angeles Vacancy Rate - 3.0%
Orange County Vacancy Rate - 3.2%
San Jose Vacancy Rate - 3.2%
San Diego Vacancy Rate - 3.5%
Fort Lauderdale Vacancy Rate - 3.6%
Northern New Jersey Vacancy Rate - 3.7%
Las Vegas Vacancy Rate - 3.8%
Oakland Vacancy Rate - 3.8%
Miami Vacancy Rate - 3.9%

Markets with the Highest Vacancy Rates:

Houston Vacancy Rate - 9.9%
Dallas Vacancy Rate - 8.9%
Indianapolis Vacancy Rate - 8.5%
Cincinnati Vacancy Rate - 8.4%
Columbus Vacancy Rate - 8.3%
Kansas City Vacancy Rate - 8.1%
Denver Vacancy Rate - 7.9%
Atlanta Vacancy Rate - 7.3%

Marcus and Millichap will be releasing their 2008 research in January and we will get updated vacancy rates for 2007 and predictions for 2008.

With the for sale housing market continuing to decline, I anticipate the rental vacancy rates will continue to decrease in all markets for 2008.