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Southeast Sees Rents Rise Despite High Vacancy Rates

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An oversupply of new properties in Southeastern markets might be driving up rental vacancy rates.

While low inventory is blamed for rising home prices, how to explain rising rents in places with high vacancy rates?

Southeastern markets like the Fort Myers, Fla., and Myrtle Beach, S.C., have seen spikes in rent, even with vacancy rates in the double digits, according to RentRange. The provider of data for the single-family residential sector recently issue its fourth-quarter rankings of the top 25 metros showing the biggest year-over-year rent increases. Fort Myers ranks No. 2, with the average rent climbing by 10.9% — and an even higher average vacancy rate of 11.4%.

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IBD