Madison apartment vacancy rate continues to decline

Despite several significant multifamily housing projects offering additional apartments to Madison renters, the vacancy rate continues to decline and is approaching the 2% level. Madison Gas and Electric publishes statistics derived from their internal data of gas/electric meters that are either turned off or changed into the owners name. current survey HERE

The Isthmus (specifically zip code 53703) with over 11,000 rental units, has a 1.5% vacancy rate for the 3rd quarter 2012. Record low interest rates have done little to attract renters into the home ownership market, many fearful of another drop in values, tight lending practices, and waiting for the economy to rebound.  In the next few weeks, many units will enter the market for August 2013 occupancy.  The strong demand in recent years has increased the volume of early apartment shoppers.  November has become one of the busiest months for management companies since renters no longer hold out for discounts, but act quickly when apartments are placed on the market to avoid decreasing supply.

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