The Omaha metropolitan area has a rental vacancy rate of 3.2%, down 31.9% YoY. Between 2005 and 2015, rental vacancy in North Dakota declined 1.06%. Rental vacancy in Colorado increased 18.2% in 2021. As a Premium user you get access to the detailed source references and background information about this statistic. 27.0% of New Mexico households do not own a home as of 2022Q3. Vacancy rates vary greatly across the City, however: In 2017, the city-wide retail vacancy rate was 5.8 percent, up from 4.0 percent in 2007. The statewide rental vacancy rate in Ohio is 4.9% as of the end of 2022Q3; thats 18.3% below the national average. Prepare for future growth with customized loan services, succession planning and capital for business equipment or technology. 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. Miami-Fort Lauderdale-West Palm Beach has a rental vacancy rate of 5.6%, up 33.3% YoY. But much like the housing market, the newer, renovated spaces, are in high demand. In the Northeast, the vacancy rate is 4.0%, down 6.98% YoY. This figure is even more impressive considering the increase of supply from newly constructed office buildings in the Boston area. 55.8% of D.C. households do not own a home as of 2022Q3. Net absorption totaled negative 536,561 square feet during the fourth quarter of 2022, equating to negative 965,693 square feet during the past four quarters. Homeowner vacancy in Nebraska is 0.4%, down 20.0% from the previous quarter. Between 2005 and 2015, rental vacancy in Iowa declined 44.1%. Jacksonvilles rental vacancy rate is 5.7%, down 20.8% YoY. To use individual functions (e.g., mark statistics as favourites, set 35.7% of Oregon households do not own a home as of 2022Q3. Homeowner vacancy in West Virginia is 0.6%, down 40.0% from the previous quarter. maintaining a historically low 6.4% vacancy rate with no change over H1 2022. On the other hand, Phoenix is trending up in 2022, with a direct vacancy rate of 6.5%, and a total of 12.2 million square feet of office space available. He works closely with multiple Colliers' business lines including Office Services, Capital Markets, Healthcare, Law Firm Services, Property Management and Occupier Services. The Albany-Schenectady-Troy metropolitan area has a rental vacancy rate of 8.9%, down 25.8% YoY. The effect of one vacant property on the block could reduce the value of nearby properties by 20% or more. Minnesota began and ended 2021 with a 5.1% rental vacancy rate. Use Ask Statista Research Service, Cap rate of retail property in the U.S. Q1 2022, by segment, Average rent shopping center property in the U.S. 2020-2022, by region, REIT median premium to NAV in the U.S. 2019-2022, by property type, Sales price retail properties per square foot in the U.S. Q4 2020, by property type. The office vacancy rate represents the percentage of available rental units out of known commercial rental units. It predicted high demand will continue this year, led by higher immigration targets, driving vacancy even lower in 2023. Syracuse has 10.5% rental vacancy, up 6.06% YoY. Between 2005 and 2015, rental vacancy in Rhode Island declined 43.9%. Featured national commercial real estate reports, Discover our local market commercial real estate outlooks, H2 2022 Hampton Roads Multifamily Research Report, Minneapolis St Paul Year End Industrial Report 2022. Industrial may be challenged by its longer leases, which generally only account for 2%3% inflation. Terms & Privacy | Legal Disclaimer | Sitemap | Contact Us, United States Census Bureau (Census), Housing Vacancies and Homeownership, National Association of Realtors, Commercial Real Estate Metro Market Reports, Keller Williams Realty Boise, Boise Rental Market & Vacancy Rates, Census, Population and Housing Unit Estimates, Redfin News, Housing Market News: Rental Tracker, The Empty House Next Door: Understanding and Reducing Vacancy and Hypervacancy in the United States, The national rental vacancy rate declined, Rental vacancy in principal cities declined, The median monthly rental price among vacancies was. Asking rents for Class A space average $20.64 / sq ft / year and $14.87 for Class B properties. Between 2022Q2 and 2022Q3, Indianas rental vacancy rate increased 1.15%. 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. Between 2005 and 2015, rental vacancy in Missouri declined 28.6%. The statewide rental vacancy rate in Pennsylvania is 5.3% as of the end of 2022Q3; thats 11.7% below the national average. There may be overleveraged building owners during an economic downturn. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. In 2015 and 2020, Tennessee had a 7.4% rental vacancy rate. Hampton Roads Market Demand and Rent Growth End the Year Above National Averages. The statewide rental vacancy rate in Colorado is 5.0% as of the end of 2022Q3; thats 16.7% below the national average. In major cities where the vacancy rate increased, the average 12-month increase is 146%. Between 2005 and 2015, rental vacancy in Louisiana increased 1.15%. The statewide rental vacancy rate in New York is 4.3% as of the end of 2022Q3; thats 28.3% below the national average. Rental vacancy in Connecticut increased 4.44% in 2021. Homeowner vacancy in Missouri is 0.9%, up 200% from the previous quarter. Between 2022Q2 and 2022Q3, South Dakotas rental vacancies increased 23.4%. In 2015 and 2020, Oregon had a 4.5% rental vacancy rate. "Almost on a weekly basis, things . Between 2005 and 2015, rental vacancy in Connecticut declined 39.1%. Rental vacancy rates increased 48.4% in 2021. Apartments with 6 or more rooms have a vacancy rate of 4.9%. Homeowner vacancy in Mississippi is 0.5%, up 25.0% from the previous quarter. Bridgeport-Stamford-Norwalk has 2.4% rental vacancy, up 60.0% YoY. The statewide rental vacancy rate in Florida is 7.6% as of the end of 2022Q3; thats 26.7% above the national average. The statewide rental vacancy rate in West Virginia is 6.4% as of the end of 2022Q3; thats 6.4% above the national average. 29.9% of Louisiana households do not own a home as of 2022Q3. The statewide rental vacancy rate in Indiana is 8.8% as of the end of 2022Q3; thats 46.7% above the national average. Hawaii has the second-highest YoY increase at 83.0%. 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. 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. Between 2022Q2 and 2022Q3, Nevadas rental vacancies increased 22.9%. We make the lives of landlords, tenants and real estate investors easier by giving them the knowledge and resources they care most about. Between 2005 and 2015, rental vacancy in Kentucky declined 20.2%. New Mexico rental vacancy is down 1.82% YoY. The statewide rental vacancy rate in Maryland is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Homeowner vacancy in Colorado is 0.3%, the same as the previous quarter. Property owners and investors with fortress balance sheets understand how to take advantage of those ups and downs. But they can adjust rents annuallysometimes even monthlyto account for market changes. Rental vacancy in Wisconsin increased 68.8% in 2021. By the first quarter of 2021, the all retail vacancy rate stood at 5.1 percent. JPMorgan Chase Bank, N.A. From 2015 to 2020, Missouris rental vacancy rate decreased 32.6%. Rates are somewhat higher in districts to the north of the I-25, where they average $22.50. The 2023 commercial real estate outlook indicates there may be challenges ahead. Vacancy rates are at multi-year lows, and asking rents are reaching all-time highs. The statewide rental vacancy rate in New Hampshire is 3.6% as of the end of 2022Q3; thats 40.0% below the national average. Rental vacancy in Alabama increased 25.0% in 2021. . From 2015 to 2020, Marylands rental vacancy rate declined 32.9%. The statewide rental vacancy rate in South Carolina is 4.2% as of the end of 2022Q3; thats 30.0% below the national average. Rental vacancy in Nebraska declined 25.8% in 2021. Alabama rental vacancy is down 25.6% YoY. Rental vacancy in Montana increased 20.6% in 2021. The national rental vacancy rate has declined 45.9% since 2009, when vacancy hit an all-time high (11.1%). The national vacancy rate has increased 3.45% over 12 months. . The Los Angeles-Long Beach-Anaheim metropolitan area has a rental vacancy rate of 5.1%, up 4.08% YoY. Our forecasts suggest that unless the Fed changes course, 2023 will be characterized by slower GDP growth as monetary policy continues to tighten and global economies adapt to inflation, Calanog said. This is the biggest drop since December. Now let's assume an investor has a 3-unit triplex multifamily property. J.P. Morgan isnt responsible for (and doesnt provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. The multifamily rental vacancy rate in Sioux Falls is 4.8% in 2022Q3, down 23.8% YoY. Rental vacancy in Vermont declined 20.6% in 2021. As the National Research Manager for Retail Services, I am responsible for studying conditions within the retail sector, collecting and reporting statistical data, and analyzing the data to identify significant trends and opportunities. Customer & Employee Curriculum Development and Training. From 2015 to 2020, Indianas rental vacancy rate declined 18.2%. Between 2022Q2 and 2022Q3, D.C.s rental vacancies declined 9.41%. Homeowner vacancy in Montana is 0.7%, up 75.0% from the previous quarter. So if an apartment building has 300 units, and 30 units are unoccupied, it means the vacancy rate is 10%. As a general rule, rent prices increase as vacancy rates decrease. 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