Multifamily living has become increasingly more desirable in 2021, despite increasing rent growth and limited supply. Residents are willing to pay higher rents, as the national average rent price continues to increase month over month, setting new record highs. While some are concerned this will lead to a real estate bubble, this not likely.
One major factor contributing to the desire for a renter lifestyle is coming from both the older and younger generations placing less importance on home ownership, and instead opting to lease. As of September of 2021, the national average vacancy is down to 2.7%. Low vacancy rates indicate that a market is flourishing, and that residents are continuing to remain in the area. When evaluating the strength of a market, low vacancy is one indicator for demand and a market poised with stronger potential for success.
Here are the top 12 metros with the lowest vacancy rates as of September 2021:
12. West Palm Beach, Florida
- Vacancy Rate: 2.16%
- Percentage of Renters in the City: 46%
- Average Rent: $1,862
11. Philadelphia, Pennsylvania
- Vacancy Rate: 2.05%
- Percentage of Renters in the City: 45%
- Average Rent: $1,736
10. Detroit, Michigan
- Vacancy Rate: 2.04%
- Percentage of Renters in the City: 46%
- Average Rent: $1,163
9. Tampa, Florida
- Vacancy Rate: 1.98%
- Percentage of Renters in the City: 44%
- Average Rent: $1,647
8. Sacramento, California
- Vacancy Rate: 1.96%
- Percentage of Renters in the City: 40%
- Average Rent: $1,709
7. Fort Lauderdale, Florida
- Vacancy Rate: 1.94%
- Percentage of Renters in the City: 51%
- Average Rent: $2,301
6. Virginia Beach, Florida
- Vacancy Rate: 1.76%
- Percentage of Renters in the City: 31%
- Average Rent: $1,455
5. Miami, Florida
- Vacancy Rate: 1.75%
- Percentage of Renters in the City: 45%
- Average Rent: $1,915
4. San Diego, California
- Vacancy Rate: 1.53%
- Percentage of Renters in the City: 39%
- Average Rent: $2,433
3. Riverside, California
- Vacancy Rate: 1.37%
- Percentage of Renters in the City: 27%
- Average Rent: $1,905
2. Providence, Rhode Island
- Vacancy Rate: 1.12%
- Percentage of Renters in the City: 43%
- Average Rent: $2,158
1. Orange County, California
- Vacancy Rate: 1.12%
- Percentage of Renters in the City: 26%
- Average Rent: $2,322
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About Ellie Perlman
Ellie Perlman is the founder and CEO of Blue Lake Capital, a woman owned multifamily real estate investment firm focused on partnering with family offices and accredited investors to build and preserve generational wealth. Since its founding in 2017, Blue Lake has successfully acquired and operated multifamily assets across high-growth U.S. markets, completing $1B+ in transactions.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
At Blue Lake Capital, Ellie and her team work exclusively with family offices and accredited investors, offering carefully curated investment opportunities that emphasize long-term wealth creation, stability, and risk-adjusted returns. A defining aspect of Blue Lake’s investment strategy is its integration of advanced AI-driven analytics and data science into the entire lifecycle of acquisitions and asset management. By leveraging cutting-edge technology, the firm executes data-driven forecasting on market trends, asset performance, and tenant behavior, ensuring strategic decision-making and optimized returns.
In addition to leading Blue Lake Capital, Ellie is the original founder and host of "REady2Scale - Real Estate Investing" podcast, which provides insights into multifamily real estate, alternative investments, and finance.
Ellie began her career as a commercial real estate attorney, structuring and negotiating complex transactions for one of Israel’s leading development firms. She later transitioned into property management, overseeing over $100M in assets for Israel’s largest energy company.
Ellie holds a Master’s in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can learn more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.
*The content provided on this website, including all downloadable resources, is for informational purposes only and should not be interpreted as financial advice. Furthermore, this material does not constitute an offer to sell or a solicitation of an offer to buy any securities.