Reis: Vacancy Rate Improved Most in Greensboro, Charleston in 2011

According to Reis Inc. 2011 ended on a stronger than expected note, rents were up in 90% of the markets surveyed nationwide, and vacancy rates fell the most in Greensboro and Charleston in 2011:

Reis said the nationwide vacancy rate fell to 5.2 percent, a level last seen in late 2001. It is also lower than the lowest vacancy rate seen during the last cycle, in 2006, before vacancies started to soar because of the financial crisis.

Asking rents rose 0.4 percent in the quarter, while effective rents — what the tenant actually pays on an annual basis after discounts — rose 0.5 percent. Nearly 90 percent of the markets surveyed reported higher effective rents, the firm said…

Over the course of the year, the biggest decline in the vacancy rate was in the cities of Charleston, South Carolina, and Greensboro, North Carolina.