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October 26, 2020

Rising vacancies, declining rents squeezing apartment REITs

  • Uncertainty over how long the pandemic will last and its impact on rental payments have dimmed the outlook for apartment REITs and turned off investors.
    • By ALEX VEIGA
    AP Business Writer

    LOS ANGELES — The pandemic is squeezing big apartment building owners, with a surge in vacancies leading to a decline in rent growth for the first time in years.

    The U.S. vacancy rate for apartments rose to 5% in the third quarter from 4.6% a year earlier, according to Moody's Analytics REIS. That's the highest national vacancy rate since the first quarter of 2012. The firm predicts vacancies will climb to 5.4% by the end of this year and continue rising in 2021.


     
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