RENTAL APARTMENT VACANCY RATES DECLINE, HOUSING STARTS UP.A healthy economy is supporting a stable rental apartment market that experienced a vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate under 9 percent for only the third quarter since 1985. Further declines in the rental apartment vacancy rate should occur as result of the expected extension of the peacetime record period of growth in the economy. The rental apartment vacancy rate, as reported by the U.S. Department of Commerce, dropped to 8.9 percent in the fourth quarter, from 9.9 percent in the third quarter. A year earlier it was 9.0 percent. The vacancy rate for all rental units at 7.8 percent in the fourth was up from the 7.7 percent for the same quarter a year ago. Vacancy rates for all rental units declined in all regions, with the exception of the West. The rental vacancy rate dropped from 7.0 percent in the third quarter to 6.1 percent in the fourth quarter in the Northeast, from 8.5 to 8.0 percent in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians , and from 9.9 to 9.5 percent in the South. There was no change in the rental vacancy rate in the West; it remained at 6.6 percent. Renters represented a 33.6 percent share of households in the fourth quarter of 1998 up from the 33.6 percent in the third quarter, but down from the 34.3 percent recorded in the fourth quarter of 1997. HOUSING STARTS UP Housing starts rose again in December December: see month. and added to a total level that is the highest in 12 years. All of the increase in December occurred in the volatile multifamily sector. Multifamily starts had dropped sharply in November November: see month. . Low mortgage interest rates and a strong economy continue to support new housing construction. The Department of Commerce reported a 1.720 million unit seasonally adjusted Seasonally adjusted Mathematically adjusted by moderating a macroeconomic indicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year. annual rate of housing starts in December, up 3.5 percent from the revised 1.662 million unit rate for November. Single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. housing starts rose 5.0 percent to a 1.353 million unit rate last month, from a 1.289 million unit rate in October October: see month. . Multifamily starts jumped 23.1 percent in December to a 363,000 unit rate, from 295,000 a month earlier. Apartment starts (structures with five or more units) rose 23.3 percent to a 323,000 unit rate last month, from 262,000 in November. Increases occurred in housing starts in all regions with the exception of the South. Housing starts increased 24.7 percent in the Midwest, 3.9 percent in the Northeast, and 3.1 percent in the West. A 5.6 percent decline occurred in the South. Residential building permit activity in December increased 4.0 percent to a 1.723 million unit rate, from 1.656 million in November. Permits for single-family units increased 4.2 percent last month. Multifamily permits rose 3.6 percent. Permits for apartments fell 1.1 percent. Housing starts totaled 1.616 million units in 1998, a 10 percent rise over 1987. It was the highest total since 1987, when 1.621 million units commenced construction. Single-family starts increased 12 percent to 1.270 million units last year, from 1.114 million a year earlier. Multifamily starts totaled 346,000 units in 1998, a 2 percent increase over the 340,300 units for 1997. Apartment starts rose 2 percent to 302,400 units last year, from the 295,800 units a year earlier. Housing starts last year increased markedly in all regions of the country. They rose 11 percent in the South, and 9 percent each in the Northeast, Midwest, and West.
QUARTERLY RENTAL VACANCY RATES
(ALL RENTAL UNITS)
Units in Structure Region
All 1 2+ 5+ NE Midwest South West
1987
1st 7.4 4.0 9.3 10.8 4.2 6.6 10.5 6.9
2nd 7.5 3.7 9.6 11.1 4.0 6.4 10.6 7.5
3rd 8.1 4.3 10.1 11.5 4.1 7.4 11.2 7.8
4th 7.8 4.1 10.0 11.2 4.3 6.7 11.4 6.9
1988
1st 8.0 3.9 10.1 11.3 4.9 7.1 10.7 7.7
2nd 7.7 3.4 10.0 11.8 4.6 7.0 10.1 8.0
3rd 7.8 3.7 10.0 11.7 4.9 6.7 9.9 8.4
4th 7.3 3.6 9.3 10.8 5.2 6.7 9.9 6.5
1989(**)
1st 7.5 4.2 9.4 10.4 4.5 7.2 9.8 7.2
2nd 7.4 4.2 9.4 10.6 4.6 7.1 9.9 7.0
3rd 7.6 4.2 9.3 10.3 4.9 6.9 9.9 7.4
4th 7.1 4.2 8.8 9.4 5.2 6.1 9.2 6.7
1990
1st 7.5 4.0 9.4 10.2 5.9 6.6 9.3 7.1
2nd 7.0 4.2 9.4 8.5 6.4 6.0 8.4 6.4
3rd 7.2 3.9 9.6 9.5 6.1 6.5 8.7 6.6
4th 7.2 4.0 9.2 9.5 6.2 6.6 8.9 6.4
1991
1st 7.5 3.8 9.4 9.9 7.0 6.9 8.8 6.6
2nd 7.3 4.3 9.4 10.7 6.8 6.4 9.2 6.1
3rd 7.6 3.7 9.6 10.7 7.3 6.8 8.8 7.0
4th 7.3 3.7 9.2 10.2 6.3 6.8 8.9 8.5
1992
1st 7.4 4.1 9.5 10.2 6.5 6.7 8.8 8.4
2nd 7.7 3.6 9.6 10.3 7.1 6.9 8.8 7.2
3rd 7.3 3.7 9.3 10.1 6.7 6.8 7.9 7.4
4th 7.1 3.8 8.9 9.7 7.4 6.1 8.0 6.4
1993(**)
1st 7.8 4.1 10.0 10.7 8.3 6.7 8.3 7.9
2nd 7.6 3.6 9.8 10.9 6.9 6.5 8.4 7.8
3rd 7.0 3.7 9.0 9.8 6.5 6.8 7.6 6.9
4th 6.9 3.5 8.8 9.4 6.4 6.2 7.4 7.1
1994
1st 7.5 4.7 9.2 9.9 7.3 7.0 8.2 7.2
2nd 7.4 4.2 9.2 10.0 7.1 7.1 7.7 7.3
3rd 7.2 4.4 8.9 9.5 7.0 6.5 7.8 7.2
4th 7.4 5.0 8.8 9.9 7.1 6.8 8.3 6.8
1995
1st 7.4 5.0 8.8 9.4 7.3 6.7 8.3 6.8
2nd 7.7 5.5 9.0 9.5 7.5 7.1 8.2 7.7
3rd 7.7 5.6 9.0 9.5 7.1 7.4 8.2 7.9
4th 7.7 5.3 9.2 9.6 6.9 7.6 8.5 7.5
1996
1st 7.9 5.6 9.2 9.8 6.9 8.3 8.5 7.6
2nd 7.8 5.3 9.2 9.5 7.6 7.2 8.6 7.2
3rd 8.0 5.6 9.5 9.9 7.8 7.8 8.7 7.4
4th 7.7 5.6 9.0 9.4 7.1 8.2 8.5 6.7
1997
1st 7.5 5.5 8.7 8.8 6.1 8.5 8.7 6.2
2nd 7.9 6.0 9.1 9.4 6.7 8.2 9.3 6.8
3rd 7.9 5.7 9.2 9.4 7.2 7.9 9.1 6.8
4th 7.7 6.0 8.8 9.0 6.9 7.3 9.3 6.5
1998
1st 7.7 6.2 8.7 9.1 6.3 7.7 9.2 7.0
2nd 8.0 5.9 9.4 9.9 7.2 7.3 10.0 6.6
3rd 8.2 6.5 9.4 9.9 7.0 8.5 9.9 6.6
4th 7.8 6.7 8.5 8.9 6.1 8.0 9.5 6.6
(*) not seasonally adjusted (**) series break Source: U.S. Department of Commerce RELATED ARTICLE: INDOOR AIR QUALITY Indoor Air Quality (IAQ) deals with the content of interior air that could affect health and comfort of building occupants. The IAQ may be compromised by microbial contaminants (mold, bacteria), chemicals (such as carbon monoxide, radon), allergens, or any mass or energy stressor A proposed new standard for indoor air quality in residential buildings has been drafted. The proposed standard, 62.2P, Ventilation ventilation, process of supplying fresh air to an enclosed space and removing from it air contaminated by odors, gases, or smoke. Proper ventilation requires also that there be a movement or circulation of the air within the space and that the temperature and and Acceptable Indoor Air Quality in Low-Rise low-rise adj. Of or relating to a building having few stories and often no elevators: a low-rise apartment house. [low1 + (high)-rise.] Adj. Residential Buildings, would establish minimum ventilation rates for houses and low-rise apartments. Call the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Society of Heating/ Refrigerating re·frig·er·ate tr.v. re·frig·er·at·ed, re·frig·er·at·ing, re·frig·er·ates 1. To cool or chill (a substance). 2. To preserve (food) by chilling. , and Air-Conditioning air-conditioning Control of temperature, humidity, purity, and motion of air in an enclosed space, independent of outside conditions. In a self-contained air-conditioning unit, air is heated in a boiler unit or cooled by being blown across a refrigerant-filled coil and then Engineers at 404/636-8400 for more information. RELATED ARTICLE: ENVIRONMENTAL NOTES The National Apartment Association/National Multi Housing Council filed comments with the U.S. Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and recently, opposing the Agency's attempts to essentially hold residential property owners liable for all the lead in the soil on their properties when other responsible parties should also be held accountable. Our comments oppose proposed rules EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. issued under Section 403 of the Residential Lead-Based Paint Hazard Reduction Act (Title X) to establish health-based standards for lead-based paint and lead-contaminated dust and soil. We contend that not only has the Agency exceeded its authority under Tide X by regulating lead from any source and not just lead-based paint as Congress intended, but also that the proposal creates an uncapped liability for property owners on whose land lead hazards are deposited. The EPA itself has acknowledged that lead in soil and dust can result from prior usage of leaded gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by and continued emissions from farm and recreational vehicles and industrial/manufacturing processes, not just from deteriorated paint. Nonetheless, the proposed regulations place complete liability on property owners. Using HUD's estimates for percentages of affected properties and the costs of intervention A procedure used in a lawsuit by which the court allows a third person who was not originally a party to the suit to become a party, by joining with either the plaintiff or the defendant. , NAA/NMHC estimate that the costs of interim control measures (e.g., soil cover) and abating soil lead hazards (e.g., removing/replacing the soil or providing permanent cover) would cost rental property owners more than $2 billion. NAA/NMHC were joined in these comments by the National Association of Home Builders The National Association of Home Builders (NAHB) is one of the largest trade associations in the United States. Headquartered in Washington, DC, the association organizes one of the largest conventions in North America, The International Builders' Show, which draws more than , the National Leased Housing Association, and the Institute of Real Management. Sheehan People whose surname is or was Sheehan include:
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