Apartment Vacancy at 22-Year High
Here is a Bloomberg article on apartment vacancies. High unemployment is hurting the apartment market. Some markets like Las Vegas and Southern California are being impacted by the "shadow market" of foreclosed homes that are rentals (this was not in the Bloomberg article, but a similar one in the Wall Street Journal citing the same Reis, Inc. report). The national vacancy is now at 7.5%, up from 6.1% a year ago. Rising vacancies will cause increased incentives and hinder rent increases. As all real estate is local, you should read the article for details on specific markets.