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Richmond Residential Vacancy Rate 23.7% a Lie?

In February 2009, Forbes ran an article entitled America's Emptiest Cities. The report stated the Richmond Residential Vacancy Rate of 23.7% was the nation's worst. Even CNBC picked up the story. Now Richmond is no stranger to making the "Worst Of" lists...remember the year we were edged out by New Orleans as Murder Capital of the country? But really- as a landlord and Realtor that deals extensively with rental property owners- this number seemed extremely high.

 

Coincidentally- around the same time AptIndex.com released it's report on the Southeast vacancy rates...low and behold they report the Richmond Vacancy rate at 7.6%...far lower than the national average of 10.1%. Wow...how can two reports be so incredibly different?

 

The devil is in the details as always...the Forbes Report obtained it's data using sampling from census reports, while the AptIndex stats come 100% from Market Survey. So which rate do you believe? Speaking totally anecdotally, I have to believe the AptIndex.com information is correct.

 

 


Mike Hogan

Associate Broker

RE/MAX Commonwealth

(804)503-0811

RVARealtor1@gmail.com

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Comment balloon 0 commentsMike Hogan • August 02 2009 12:38AM

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