Minneapolis has lowest vacancy rate in the nation. Itis usually considered healthy. now stands at 2.1%
|1||Minneapolis/St. Paul, MN||97.9%|
|3 (tie)||Detroit, MI||97.1%|
|3 (tie)||Sacramento, CA||97.1%|
|5 (tie)||New York, NY||97.0%|
|5 (tie)||Newark/Jersey City, NJ||97.0%|
|5 (tie)||San Francisco, CA||97.0%|
|9 (tie)||Milwaukee, WI||96.6%|
|9 (tie)||San Diego, CA||96.6%|
|11 (tie)||Los Angeles, CA||96.5%|
|11 (tie)||Oakland, CA||96.5%|
5% is usually considered healthy- Currently at 2.1%
Detroit is on that list. Interesting.
@Bruce Runn Thanks, what's the source?
Real page inc.
Will post the link to the article later tonight
@Bruce Runn I like the numbers for Milwaukee. However in my C/D market the numbers are a bit higher. But still solid for the returns.
Here's the direct link
Great occupancy, but rents are squeezing tenants and cap rates are at record lows, so buying for cash flow is really difficult.
Very interesting to see what I have been expecting. They note in the report that the Dallas price increases have slowed because of the volume coming on market.
Providence, RI is considered a sanctuary city. The rental occupancy numbers do not surprise me. It has always been a city of multi family homes. However, high property taxes, increased values, and high insurance rates associated with the city due to a high crime and violent crime rate have crunched cash flow for some newer investors entering the market from what I have seen.
I believe it will always have a rental base comprised primarily of subsidized housing tenants. One neighborhood in the city does cater to professionals, and another to students, but the bulk of Providence will remain subsidized with the current and foreseeable politics associated with the city.
San Diego 9th in occupancy and 5th on rent appreciation. It is good to be a landlord in San Diego.
We're still finding deals. We've found we just have dig deeper. Closing on my 6th and 7th properties of the year this month. I anticipate that the market will remain strong as I'll put at least 3 of them back up for sale after a year and a day so next May will be a sell month for me.
@Bruce Runn what types of properties are you buying? I am looking for 30+ unit buildings, but not getting anything attractive looking.
I know Portland Oregon has about zero vacancy rate any rental put on craigs list gets 50 calls in a day.. and there is little to no subsidized housing.. all market rents with very high fico's generally.. but I have heard that higher end apartments are weakening..
I only deal with 2-4 unit properties since the profit formula/COC return is substantially better than commercial sized buildings and the resale is much easier so we are dealing in completely different markets, I've sold 3 of them this year and the last one went for $10,000 more than asking in 1 day.
Hello @Bruce Runn
Thanks for posting this very informative.
This would be for A class properties but B and C class can't be that far behind.
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