Rental vacancy in South Carolina declined 35.3% in 2021. The statewide rental vacancy rate in Tennessee is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. The industry has begun to respond and deliver record amounts of new warehouses. Consider what type of building it applies to . Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. The metropolitan area of Birgmingham-Hoover has a rental vacancy rate of 18.4%, down 16.0% YoY. July 13, 2021. Homeowner vacancy in North Dakota is 0.7%, down 46.2% from the previous quarter. 33.6% of Tennessee households do not own a home as of 2022Q3. . Between 2005 and 2015, rental vacancy in Pennsylvania declined 28.1%. Rental vacancy in Michigan decreased 18.5% in 2021. Rental vacancy in Mississippi increased 46.6% in 2021. Rental vacancy in Oregon declined 32.7% in 2021. Connecticut and Virginia have the greatest rate of decline at 51.2% and 50.0%, respectively. Between 2005 and 2015, rental vacancy in Maine declined 22.9%. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. Commercial Real Estate Statistics Compared to other major metropolitan areas and against national averages, businesses benefit from the highly competitive Rochester commercial real estate market. E-commerce accounts for less than 20% of retail sales, Aerospace, Defense and Government Services. Market Insights Rate rises another blow to a struggling retail sector News What you need to know in property this week That translates to less credit and lending activity, and continued volatility for asset pricing.. Mississippi rental vacancy is down 14.0% YoY. Commercial property vacancy rates Commercial property vacancy rates, news, insights and market data. Homeowner vacancy in Arizona is 0.9%, with no change from the previous quarter. The Riverside-San Bernadino-Ontario metropolitan area has a rental vacancy rate of 3.4%, up 54.5% YoY. Al Brooks, Head of Commercial Real Estate, Commercial Banking. The statewide rental vacancy rate in Louisiana is 7.8% as of the end of 2022Q3; thats 30.0% above the national average. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. The Charleston metropolitan area has a multifamily vacancy rate of 3.4% in 2022Q3, down 10.5% YoY. Homeowner vacancy in Massachusetts is 0.7%, up 16.7% from the previous quarter. In southern states, the rental vacancy rate is 7.3%, up 1.39% YoY as of 2022 Q3. Rental vacancy in New Mexico increased 57.1% in 2021. The vacancy rate can drive up the amount that landlords and rental agencies charge per month, as well as spur new construction throughout the region and drive urban and suburban growth. Full recovery would take place over years, not months, and impact all asset classes. "Almost on a weekly basis, things . Between 2005 and 2015, the average rental vacancy declined 23.3%. Coronavirus (COVID-19): impact on the retail landscape in the U.S. Find your information in our database containing over 20,000 reports, hit the United States real estate markets. New York rental vacancy is down 15.7% YoY. From 2015 to 2020, Utahs rental vacancy rate increased 34.0%. From 2015 to 2020, rental vacancy has declined 35.7%. Based in South Florida, I have been in the commercial real estate industry since 2014, am bilingual in Spanish, and hold a Florida Real Estate Sales Associate License. National industrial in-place rents averaged $7.10 per square foot in January, up 6.9% year-over-year The national vacancy rate stood at 4.0%, up 10 basis points month-over-month Nationwide, 691 million square feet of industrial space was under construction Industrial transactions totaled $1.1 billion at an average sale price of $125 per square foot From 2015 to 2020, vacant rentals decreased 3.6%. Rental vacancy in New Hampshire increased 126.3% in 2021. Albuquerque has a vacancy rate of 5.2%, down 5.45% YoY. Published: 2:21 PM Feb 27, 2023. There are extensive statistics on the Housing and Urban Development population, households and families, housing occupancy and vacancy, housing sales, construction costs, and mortgage financing. Between 2022Q2 and 2022Q3, Pennsylvanias rental vacancies increased 23.3%. Between 2022Q2 and 2022Q3, Alabamas rental vacancies increased 34.8%. 2023, iPropertyManagement.com. From 2015 to 2020, Idahos rental vacancy rate declined 32.2%. The statewide rental vacancy rate in Vermont is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Commercial real estate marketing website Redfin reports a median rent of $2,022 as of September 2022, up 8.8% YoY. Minneapolis Industrial Market. Homeowner vacancy in Illinois is 1.3%, down 13.3% from the previous quarter. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. 28.4% of Wisconsin households do not own a home as of 2022Q3. Rochester has 6.5% rental vacancy, up 183% YoY. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. The Seattle-Tacoma-Bellevue metropolitan area has a 4.6% rental vacancy rate, down 51.1% YoY. E-commerces need to get products into consumers hands sooner is whats driving a lot of innovation, Calanog said. Greensboro-High Point has 17.5% rental vacancy, up 2,400% YoY. To calculate your physical vacancy rates, we first need to figure out how many days the property sat vacant. Homeowner vacancy in Rhode Island is 0.9%, up 200% from the previous quarter. Federal reports indicate units that rent for less than $300 have an average vacancy rate of 1.4%, up 16.7% YoY. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. In Philadelphia, vacant properties resulted in $3.6 billion in reduced household wealth. Homeowner vacancy in Hawaii is 0.9%, decline 18.2% the previous quarter. Between 2022Q2 and 2022Q3, Floridas rental vacancies declined 5.00%. Major cities will continue to see population decline. 25.3% of New Hampshire households do not own a home as of 2022Q3. The Phoenix-Mesa metropolitan area has a vacancy rate of 6.6%, up 61.0% YoY. Learn more about how Statista can support your business. Between 2005 and 2015, rental vacancy in Maryland declined 9.72%. Between 2022Q1 and 2022Q3, Maines rental vacancies declined 29.3%. 40.3% of Hawaii households do not own their homes 2022Q3. The best performing sub-markets in Northern Virginia are Falls . Between 2005 and 2015, rental vacancy in Colorado declined 71.2%. The retail sector in some residential neighborhoods in the outer boroughs, meanwhile, have fared much better than those in Manhattan, the report said. Homeowner vacancy in Oregon is 0.9%, down 30.8% from the previous quarter. *Seasonal rentals, such as vacation rentals or some Airbnbs, make up 23.1% of all rental units and are not included in this report. 33.9% of Virginia households do not own a home as of 2022Q3. Between 2005 and 2015, rental vacancy in New Jersey declined 19.7%. 29.6% of Maryland households do not own a home as of 2022Q3. As a Premium user you get access to the detailed source references and background information about this statistic. The statewide rental vacancy rate in South Dakota is 5.8% as of the end of 2022Q3; thats 3.33% below the national average. The statewide rental vacancy rate in Delaware is 3.7% as of the end of 2022Q3; thats 38.3% below the national average. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. In 2022 Q3, New Haven-Milford, Connecticut has the lowest rental vacancy rate (0.6%, down 88.2% YoY) among the 75 most-populated metropolitan statistical areas. I was responsible for the collection, maintenance, and preparation of data across all property types required for writing quarterly statistical reports, graphs, and charts. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Buildings with 10-or-more units account for 33.1% of all rental vacancies. Office vacancy rates across the country stand at a record 19.1 percent, with Chicago, Houston and San Francisco running above 20 percent, according to Jones Lang LaSalle, a commercial real. The Cincinnati metropolitan area has a rental vacancy rate of 5.3%, up 60.6% YoY. From 2015 to 2020, Wyomings rental vacancy rate increased 21.3%. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. The ideal entry-level account for individual users. 35.7% of Oregon households do not own a home as of 2022Q3. Homeowner vacancy in Michigan is 0.5%, with no change from the previous quarter. Between 2005 and 2015, rental vacancy in Arizona declined 42.4%. The steepest decline in rental vacancy was between 1965 and 1971, when rates declined 37.6% or at an annual rate of 6.27%. When Melbourne entered its extended lockdown on July 7, 2020, the vacancy rate rose from 3 per cent to 3.2 per cent from June to July but rose significantly in August to 3.9 per cent. The vacancy rate for commercial property is determined by multiplying the number of vacant units by 100 and finally dividing the same by total number of units in the property. But real success means understanding the local markets you servewhich is why we bring the business solutions, insights and market perspective you need. The statewide rental vacancy rate in Kentucky is 5.1% as of the end of 2022Q3; thats 15.0% below the national average. The largest cities saw significant declines in rentership throughout the pandemic; some urban centers appear to be rebounding. The statewide rental vacancy rate in Illinois is 7.7% as of the end of 2022Q3; thats 28.3% above the national average. statistic alerts) please log in with your personal account. Collection of MarketBeat reports highlighting commercial real estate activity in Salt Lake City. Pennsylvania rental vacancy is down 1.85% YoY. Between 2022Q2 and 2022Q3, Tennessees rental vacancies declined 12.4%. Between 2005 and 2015, rental vacancy in Alaska increased 23.2%. That presents prepared owners and investors with an opportunity to grow their portfolio at a lower cost. San Jose-Sunnyvale has a rental vacancy rate of 5.2%, up 20.9% YoY. Rental vacancy in Indiana declined 37.4% in 2021. Hawaii has the second-highest YoY increase at 83.0%. Between 2022Q2 and 2022Q3, New Yorks rental vacancies declined 2.27%. Homeowner vacancy in New Jersey is 0.4%, down 20.0% from the previous quarter. The city of Jackson has an 8.4% multifamily rental vacancy rate in 2022Q2, down 3.45% YoY. From 2015 to 2020, rental vacancy increased 13.0%. Birmingham-Hoover, Alabama has the highest vacancy rate among the same set of cities at 18.4%, down 16.0% YoY. Virginia Beach-Northfolk-Newport News has 3.0% rental vacancy, down 57.1% YoY. Between 2022Q2 and 2022Q3, North Dakotas rental vacancies increased 0.81%. Rental vacancy in Louisiana increased 15.9% in 2021. San Diego-Carlesbads vacancy rate is 8.4%, up 16.7% YoY. Between 2005 and 2015, rental vacancy in North Carolina declined 27.1%. Homeowner vacancy in Georgia is 0.6%, down 40.0% from the previous quarter. Member FDIC. Between 2022Q2 and 2022Q3, Kentuckys rental vacancies increased 34.2%. Maryland rental vacancy is down 32.3% YoY. Houston, Texas& has an 8.8% rental vacancy rate (down 25.8% YoY), which is the highest vacancy rate among major cities where the population exceeds 1 million. Between 2022Q2 and 2022Q3, New Mexicos rental vacancies declined 10.0%. JPMorgan Chase Bank, N.A. The national rate of homeownership is 66.0% as of 2022 Q3. The Louisville-Jefferson County metropolitan statistical area has 5.8% rental vacancy, down 10.8% YoY. Between 2022Q2 and 2022Q3, Colorados rental vacancies increased 25.0%. Established in 1980, the Oklahoma City office has developed an unparalleled commitment to customer service that suits the unique needs of each client. The Minneapolis-St. Paul-Bloomington metropolitan area has a vacancy rate of 9.1%, up 214% YoY. Pittsburghs vacancy rate is 9.8%, down 2.97% YoY. The multifamily market had a historic year, with 1.07 million units absorbed since the pandemic, according to NAR's December 2021 Commercial Market Insights Report. For most of the past decade, the national rental vacancy rate has steadily declined. The Atlanta-Sandy Springs-Roswell metropolitan area has a rental vacancy rate of 6.5%, up 6.56% YoY. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. Rental vacancy in Utah declined 40.7% in 2021. The combination of the war in Ukraine, market volatility, high inflation and interest rate hikes could make 2023 a challenging year. Rental vacancy statistics indicate dramatic reduction in renters on the coasts; this may indicate a population decline or an increase in homeownership. Vacancy rates can also be misleading, as we will discuss below, and can artificially drive up rental costs and create the illusion of unavailable units. From 2015 to 2020, Hawaiis rental vacancy rate declined 18.4%. Amanda possesses comprehensive experience in both database management and trend analysis. Illinois rental vacancy is down 12.5% YoY. With economists estimating a 2024 vacancy rate to be as high as 53%, investors are struggling to come to terms with the city that once was. But by 2030, vacancy rates will soar 55% to around 18%,. The statewide rental vacancy rate in Alaska is 6.2% as of the end of 2022Q3; thats 3.33% above the national average. Retail in city centers has been slow to bounce back. Industrial real estate vacancy rates are only 4% in 2022 (EisnerAmper) The demand for industrial real estate will increase by 850 million square feet to a whopping 14.8 billion square feet by 2023. Trenton-Princeton has a multifamily rental vacancy rate of 7.5% in 2022Q3, down 16.7% YoY. It is, however, important to note that none of the regions across the U.S. have seen vacancy rates dip below their pre-pandemic Q4 2019 levels, according to Moodys Analytics. 27.2% of Iowa households do not own a home as of 2022Q3. Rental vacancy in North Dakota decreased 5.88% in 2021. Between 2022Q2 and 2022Q3, Arizonas rental vacancies increased 21.8% from a rate of 5.5%. The statewide rental vacancy rate in Iowa is 8.6% as of the end of 2022Q3; thats 43.3% above the national average. We tend to believe that an increase in vacancy rates is bad news for property owners. Rental vacancy in Texas increased 2.56% in 2021. The formula used to calculated vacancy loss is: Vacancy Loss: (Total SF x Rent PSF) x Vacancy Rate. Download Full Report. 46.0% of New York households do not own a home as of 2022Q3. Rising interest rates: As of the November Federal Open Market Committee meeting, the target federal funds range is 3.75% to 4.0%a level last seen in 2008. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. 4.9 % as of 2022Q3 ; thats 30.0 % below the national average statistic alerts ) please in... 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