Apartment Rentals on the Upswing

apartment vacanciesIf you’re looking to find an apartment to move into, it might be a good idea to act sooner rather than later.  According to an article about falling vacancies on Bloomberg Businessweek, the apartment vacancy rate has declined from 8.2 percent in December 2009 to 6.6 percent in June 2010, no small figure, since this translates to an increase of 215,000 occupied apartments in the 64 largest U.S. markets.  The analysts who published the study cited by Businessweek, MPF research, pointed to a cautiously improving job market as the source of this decline in vacancies.

Many of these people moving into apartments are in the coveted 20-29 age bracket, so prized by landlords because most of them looking to live alone do so by renting, not by owning.  Though the recovery, as previously mentioned, has been rather slow, it’s still been enough to add an average of 147,000 jobs per month from January through June.  May and June of 2010 marked the first two months where employment for the 20-29 age group has risen over the same months in the year prior since the tail end of 2007, which is a cautiously positive indicator.

Though these signs are hardly pronounced trends, the increase in employment might have been enough, the article goes on to suppose, to jump-start some young people sharing apartments to strike out on their own, renting apartments to themselves.  Should this behavior continue, there is a good chance that vacancy rates will continue to fall.

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