There was some good news in the apartment sector of commercial real estate this week.
According to Reis, a company that tracks performance and vacancy rates in apartment buildings, vacancies fell by .5 percent in the last quarter of 2010. The previous quarter had seen drops as well, but apparently since nobody likes to move in winter, the fourth quarter drop came as a bit of a surprise.
Of course, with fewer apartments available, rent prices also improved by a half a percent.
Now duplexes aren’t apartment buildings, and I know of no national or local service that specifically tracks duplex vacancy rates. However, it would stand to reason that as more people lose their homes to foreclosure, they would need places to live.
For the next seven years.
Because a foreclosure on a credit report keeps someone from buying a property for at least that long.
I can’t say it enough. Whether it’s a condo, townhouse, single family home, duplex or larger apartment building, it is an excellent time to invest in real estate.
People are still losing their homes to foreclosure. And every single one of those folks is going to need to find someplace to live.