Multifamily Rental Property Report SummaryFull Report (For Members Only)
The Property Management Committee has released its Multi-Family Rental Property Report for 2006. Efforts to collect data resulted in only 9,135 rental units reporting. The survey data is from that available on April 1.
Only 33.4 percent of the units surveyed were in complexes containing less than 100 units.
44.4 percent of the units surveyed were one-bedroom units; 42.3 percent were two-bedroom units; 8.7 percent were three-bedroom and 3.9 percent were efficiency units.
44.9 percent of all units surveyed had a garage available. 6.2 percent at no additional charge.
27.8 percent of all units surveyed were 6 to 10 years old, 25.7 percent were 31 years and older, 22.7 percent were 11 to 20 years old, and 16.4 percent were 21 to 30 years. The remaining 7.5 percent of the units surveyed were 5 years old or less.
This year’s survey revealed a higher vacancy rate than last year:
● The overall vacancy rate was measured at 12.6 percent. That compares to 9.9 percent in 2005 , 8.6 percent in 2004 and 6.2 percent reported in 2003 .
● Smaller complexes (fewer than 25 units) had the highest vacancy rate (11.9 percent) among all units when analyzed by size.
● The northwest quadrant (west of 27th Street, north of “O” Street) had the highest vacancy rate (16.2 percent) when analyzed by area. The southeast quadrant ( east of 27th Street, south of “O” Street) had the lowest vacancy rate (7.9 percent) when analyzed by area.
One-bedroom monthly rental rates ranged from an average low of $416 to an average high of $467 in the southwest quadrant (west of 27th Street, south of “O” Street), to an average low of $ 549 to an average high of $587 in the southeast quadrant (east of 27th Street, south of “O” Street).
Two-bedroom monthly rental rates ranged from an average low of $522 to an average high of $602 in the southwest quadrant (west of 27th Street, south of “O” Street), to and average low of $637 to an average high of $702 in the southeast quadrant (east of 27th Street, south of “O” Street).
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