2019 Rental Vacancy & Building Permit Data
Two freshly minted 2019 datasets give us our first glimpse into recent Dane County housing trends. Take a look at our Tableau Public account to explore these and other interesting data.
Building Permits Hold Steady in 2019
Preliminary housing unit counts are in for 2019. Permitted housing units are up only 79 units from last year. Multi-family construction in structures with five or more units was up 7.5% from last year. This is good news because despite strong demand, production in that category declined from 2016 to 2018. Single-family as well as 3- and 4-unit construction were down slightly from 2018.
Vacancy Rates Slip after Multi-Year Rally
The rental vacancy rate is a key indicator of overall housing market health. The Madison area has suffered from low vacancy rates for roughly a decade now. However, the last few years showed signs of improvement. The vacancy rate was even within the ideal range of 4.5 -5.5% during Q2 of 2018!
But 2019 proved to be a sub-par year. Vacancy rates slipped below where the trend seemed to be taking us. To reach an ideal 5% vacancy rate, approximately 1,000 additional vacant units would have been required in 2019.
For more information, contact Sean Higgins at SeanH@CapitalAreaRPC.org.