Moody's: Apartment Vacancy Rate Increased in Q4; Office Vacancy Rate at Record High
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 QuoThere is much more in the article.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.
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