Meanwhile, the average rent increased to $810.35 for the second quarter, up $4.70 from the first quarter. Rental rates rose after going down for two quarters, a sea change from years of every quarter setting a new record.
The average rent figures do not include the cost of rental discounts/concessions, models, bad debts and delinquencies. For the second quarter, those hits against rent collected by property owners averaged 7.4%, up 0.1% from the previous quarter.
The report shows that buildings with 350 and more units had the highest vacancies at 10.5%, up from 9.2% for the first quarter. Lowest vacancies are found in building with two to eight units. Those buildings had an average vacancy rate of 5.9%.
Historically, larger buildings have the highest vacancy rates.
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