Vacancy rates jumped significantly up, by 2.5% from last quarter. Comparing summer to summer, the surveyed vacancy rate increased from 3.5% for Q2 of 2013 to 4.2% for Q2 of 2014, with a large increase of single-family vacancies for the quarter.

Rental rates also rose from last quarter. The largest increase in rental rates has been in the smaller units, such as, 1 bedroom and 2 bedroom units. This explains why the multi-family market carried the majority of increase, in rental rates. However, the largest increase in vacancy rates was in the single-family. Therefore, the increase in rental rates and the increase in vacancy rates, may have no direct correlation.

Summer rate increases are historically higher than the spring months. However, comparing the historical data, we have currently reached record high rental rates.

 

Information brought to you by Park Place Property Management