County Releases Annual Rental Vacancy Report

Header--Montgomery County, Maryland. Press Releases

ma/rentalvacancy.pr 00-453

CONTACT: Sue Rogan, 240-777-3722
Diane Horning, 240-777-3712

FOR IMMEDIATE RELEASE: December 11, 2000

COUNTY RELEASES ANNUAL
RENTAL VACANCY REPORT

Montgomery County's Department of Housing and Community Affairs (DHCA) annual Rental Apartment Vacancy Report shows a vacancy rate of 2.5 percent, among the lowest in the nation and comparable to the average for northeastern metropolitan areas. The average rent is $928, an increase of 6.5 percent from 1999. In addition, approximately 39.5 percent of the facilities in the survey reported having a waiting list of potential renters.

"This low vacancy rate and the corresponding rise in rents demonstrates a need for more rental units," said Elizabeth Davison, director of DHCA. "Without new construction to meet the demand, the County could be facing higher rent increases, displacement and lack of a labor force."

The data comes from the annual survey of all multi-family rental facilities in Montgomery County with twelve or more rental units. These facilities are asked to report on the number of vacant units and rental rates. The annual report is based on vacancy and rents as of April 1, 2000 reported by 413 rental facilities with 67,348 units, which represents 92.3 percent of all multifamily units in Montgomery County.

For a copy of the report, contact DHCA at 240-777-3636.

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