Deck from Moody’s Analytics
Read Date: 9/2020
- Affordable housing nationwide vacancy is 2.4%
- Since REIS began tracking this sector, the vacancy rate has remained within the range of 1.9% to 2.5%
- National rent growth finished at 0.1% this quarter (Q2), leaving the midyear rent growth at 0.7%
- Construction in this sector has continued with little to no effect in terms of project cancellation and delays due to the pandemic
- Seattle and Salt Lake City posted the strongest figures for net absorption
- REIS forecasts suggest that Las Vegas will likely experience the largest employment declines across roughly 400 metropolitan areas for 2020
- Odessa-Midland, a city that is heavily reliant on oil, saw the biggest rent decrease during the second quarter as rents fell 3.2%
- Tacoma, on the other hand, saw the largest upsurge in rent, as it more than doubled the next highest metro – this is believed to be in part due the dependence on healthcare and military professions
- Vacancy is expected to remain flat through the end of the year as it will continue to be minimally affected by COVID-19