I looked for a thread that addressed this and I looked through the three shelves of books I have available to me, but I can't find this.
In a recent survey of our apartment complexes, we found an overall vacany rate in our city of 5.6%. We have a sense, based on anecdotal evidence and the fact that we haven't seen a single-family request in almost a year, that this figure indicates a lack of multiple-family housing. However, before I make a case to the Planning Commission, I need to know if 5.6% really is out of whack.
I'm not asking what the average national apartment vacancy rate is, I'm looking for what is generally considered to be a healthy apartment vacancy rate. Anyone on here have that info?
Thanks in advance!