Apartment vacancies recently hit their highest level since 1986, surging in cities across the nation, according to research conducted by Reis Inc., New York.
Reis said some markets were still chugging along last year but the surge in unemployment has dampened the sector's outlook.
The U.S. vacancy rate reached 7.8%, a 23-year high, according to Reis which tracks vacancies and rents in the top 79 U.S. markets. The rate is expected to climb further in the fall and winter, when rental demand is weaker, pushing vacancies to the highest levels since Reis began its analysis in 1980.
Weak apartment rentals could spell trouble for multifamily owners that need to refinance or sell their properties in the year ahead.
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