Davis apartment vacancy rate less than one percent

The apartment vacancy rate in Davis was 0.7 percent in the fall of 2007, the lowest rate since 2002, according to the University of California Davis.

The Student Housing department at UC Davis conducts an annual vacancy and rental rate survey for the city.

The university attributes the low vacancy rate, in part, to the large freshman class that enrolled in the fall of 2006 -- 5,511 students -- that are now moving off campus.

Last fall, the apartment vacancy rate was 1.8 percent. Economists consider a 5 percent vacancy rate to be the ideal balance between landlords and tenants, the survey reported.

The rental rate in fall 2007 increased by an average of 4.2 percent, almost double the 2.6 percent increase in 2006.

The survey found the average monthly rent for a two-bedroom unfurnished apartment -- the most abundant type of rental housing -- was $1,172, a 5.4 percent increase over last year.

The department surveyed 187 apartment complexes; 172 responded. Out of 8,634 total units, 63 were vacant.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: bizjournals.com