Five California markets ranked among the 20 toughest places to find an apartment in the nation.
August 1, 2022 at 12:14 p.m.
”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data.Forget what the landlord is charging, the first headache is finding a vacancy. And five California markets were ranked among the 20 toughest places to find an apartment in the nation., based on data from large rental complexes for 2022’s first half.
The 2.5% vacancy rate is trouble enough for an apartment seekers, but a typical empty unit stays unrented only 31 days and draws 20 prospects. That’s why 60% of renters choose to renew leases. And new construction adds just 0.2% to what’s on the market.2.4% vacancies with units empty 32 days; 16 prospects per unit; 49% of renters renew; no new supply.2.8% vacancies with units empty 31 days; 24 prospects per unit; 52% of renters renew; 0.7% new supply.
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