Davis, Calif., Apartment Vacancy Rate Less Than 1 Percent

Digested From "Davis Apartment Vacancy Rate Less Than One Percent"
Sacramento Business Journal (12/19/07)

The University of California Davis reports that the apartment vacancy rate in its home market was 0.7 percent this fall, its lowest level in five years. In the fall 0f 2006, the local vacancy rate was 1.8 percent. University officials cite the large freshman class that enrolled the previous fall as being one of the main reasons for the low rate. Many of the 5,500-plus sophomores are actively scouting for off-campus digs. The research further shows that the average monthly rent for an unfurnished apartment with two bedrooms--the most abundant type of rental housing in Davis--was $1,172, a hike of 5.4 percent from a year earlier. For its survey, UC Davis researchers polled 187 apartment communities; of that number, 172 cooperated.