Today, in the Calculated Risk Real Estate Newsletter: Moody's: Apartment Vacancy Rate Increased in Q4; Office Vacancy Rate at Record High A brief excerpt:

From Moody’s Analytics Economists: Multifamily Continued to Defy the Supply Shock, Office’s Vacancy Rate Broke Another Record, Retail Rents Drift Higher with Tight Supply, And Industrial Maintains Status Quo

Amid record-level inventory growth, average vacancy rate edged up 10 bps in each of the last two quarters and finished 2024 at 6.1%, 40 bps higher than the same time last year and the highest level on record since 2011.

Moody’s Analytics (formerly Reis) reported that the apartment vacancy rate was at 6.1% in Q4 2024, up from an upwardly revised 6.0% in Q3, and up from the pandemic peak of 5.6% in Q1 2021. This is the highest vacancy rate since 2011. Note that asking rents are flat year-over-year. 

This graph shows the apartment vacancy rate starting in 1980. (Annual rate before 1999, quarterly starting in 1999). Note: Moody’s Analytics is just for large cities.