Multifamily vacancy rates are forecast at 5.8% in the third quarter of 2009, unchanged from the third quarter of this year. According to the latest "Commercial Real Estate Outlook" by the National Association of Realtors, markets with the tightest vacancies include San Diego, Northern New Jersey and Boston, with vacancy rates of 4.2% or less. Areas with the highest vacancies include Jacksonville, Fla.; Phoenix; and Orlando, Fla., with vacancies of 8.5% or higher. Average rent is projected to grow 2.9% in 2008 and 2.8% next year. Multifamily net absorption should be 24,400 units in 59 tracked metro areas this year and 142,000 in 2009.
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