September 27, 2019 / 4:09 AM / 3 months ago

U.S. apartment vacancy rate flat in third quarter: Reis

(Reuters) - U.S. apartment vacancy rate was flat in the third quarter, with vacancy rising in 23 of 79 metros, real estate research firm Reis Inc said on Thursday.

The vacancy rate was unchanged in the quarter at 4.7% from a year earlier.

“Despite a deceleration in the overall economy, the demand for apartments should continue at this pace as the housing market takes the brunt of any and all uncertainty,” Reis said.

The national average asking rent and effective rent rose 3.8% each in the third quarter from a year earlier, according to the report.

New construction fell 49% in the third quarter to 34,821 units.

Reis expects the back and forth in new and existing homes sales markets to continue next year as consumers exercise caution given uncertainty about the U.S.-China trade war and global economic growth concerns.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Shounak Dasgupta

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