This is an interesting chart that shows apartment vacancy rates around the country. New Haven comes in with the 5th lowest vacancy rate in the country. This of course includes all of New Haven and I am willing to bet that in the downtown area that number is even less. This vacancy number is the reason why very few apartment buildings ever hit the market in New Haven. It is also the reason why sellers want a VERY competitive cap rate. I think the New Haven multifamily market is going to be one of the few segments of commercial real estate that will not be that effected by the recession. The only major factor that could hurt the multifamily market now is available credit.
Pretty Vacant
Metro areas with the highest vacancy rates
| Metro | Rate |
| Columbia, S.C. | 13.5% |
| Jacksonville, Fla. | 12.7% |
| Memphis | 12.4% |
| Charleston | 11.5% |
| Phoenix | 11.3% |
Metros with the lowest rates
| Metro | Rate |
| New York | 3.4% |
| Long Island, N.Y. | 3.6% |
| Syracuse | 3.9% |
| Central New Jersey | 4.0% |
| New Haven, Conn. | 4.2% |
| U.S. | 7.2% |
Source: Reis, Inc.
March 17th, 2010 at 1:37 pm
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