This year will mark the first year since the recession that supply will likely outpace demand in the multifamily sector, even though demand is already strong, the NAR reports.
As residents start to fill up multifamily developments, six markets tie for second place for year-over-year vacancy declines. First place is Lexington, Ky., which takes first place with the largest year-over-year availability decline at a 100 basis point drop.
At second place are six markets which all experienced 90 basis point drops each: Albuquerque, Columbia, S.C., Dayton, Ohio, Fort Worth, Texas, Las Vegas, and Tulsa, Okla.
