A survey conducted by Madison Gas & Electric found the Madison, Wisconsin, area's rental vacancy rate has reached its lowest level in at least six years, according to The Wisconsin State Journal.
Durng the third quarter, the vacancy rate dropped to 2.57 percent, below the 3.7 percent recorded in the third quarter of 2010. The most recent vacancy rate is the lowest on record since the beginning of 2005 and substantially lower than the 6.43 percent rate poseted during the third quarter of that year.
The multifamily rental vacancies report was based on utilities data from apartment buildings. Data was examined by location in addition to looking at totals, with researchers reporting vacancy rates as high as 5.07 percent in one district and as low as 0.92 percent in another.
According to the news source, analysts say these figures are a sign that demand has nearly filled existing apartment complexes and new development may be appropriate. Demand should keep most units in the area occupied, experts told the source, meaning landlords should feel little pressure to make concessions or lower resident screening standards just to fill units.