Reis VP of Economics & Research, Dr. Victor Calanog, provides an update on the apartment sector performance for the 2nd quarter of 2013.
- 13 quarter streak of declining vacancies came to an end in Q2 2013
- 27,000 units came online in the second quarter
- Asking rent grew by 0.6% while effective rent grew by 0.7%
- East coast and California vacancy rates are tight