Virtually No Vacancies in Several Small West Region Markets
Across the chronically undersupplied West region of the U.S., several smaller apartment markets have fewer than 1,000 vacant units. As these markets in California, Oregon, Utah and Colorado report occupancy at or above 97%, potential renters have few options for available units. Of the over 25,000 existing units in Salinas, CA, about 300 were vacant as of May after occupancy there climbed 100 basis points (bps) in the last year. Two Oregon markets with about 25,000 existing units – Salem and Eugene – report less than 500 vacant units each. Despite occupancy dipping on an annual basis in several California markets, such as Fresno (-20 bps), Bakersfield (-70 bps), Stockton-Lodi (-160 bps) and Vallejo/Fairfield/Napa (-40 bps), less than 1,000 vacant units remained in May. The Rocky Mountain markets of Boulder and Provo-Orem had about 900 and 650 vacant units, respectively, in May.