Apartment
Concerns that the market may be oversupplying itself have not yet been borne out by events. The vacancy rate in the Norfolk apartment market ended 2017 at just 4.5%, unchanged since the third quarter and year-over-year. The rate declined by 100 basis points through 2016. The modest excess of new supply over same-term demand that followed in January-February 2018 added 30 basis points to the rate. Rent growth measured by the year has remained favorable and stable. At $1,033 and $1,001 per month, asking and effective averages for the fourth quarter were up 2.7% and just 1.5% for the year after gains of 2.8% and 2.9% the year before. Growth rates for the fourth quarter of 2017 alone were 0.0% and negative 0.1%. January-February 2018 followed with increases of 0.6% and 0.5%. VIEW APARTMENT LISTINGS >
