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There are a lot of mixed signals in the apartment industry right now. While valuations continue to rise, a lot of renters are still having trouble making their monthly payments.

In a recent report, Fannie Mae identifies another concern—increasing supply. Most of the new supply will consist of expensive Class A properties concentrated in about 15 urban core neighborhoods. It expects supply to continue outpacing demand in some places this year. This should drive the vacancy rate to between 6.0% and 6.5% in 2021. Still, it notes that this range is well below the most recent estimated vacancy peak of 8.25% in Q4 2009.

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