Indianapolis vacancies level-off

The Indianapolis apartment market experienced a decline in unit absorption.

A report from Hendricks & Partners showed that the multifamily sector in Indianapolis experienced a slowdown of apartment absorption this year.

Overall, the current vacancy rate for multifamily property management companies in the city is 5.7 percent, which is down from the same point last year, when it was 5.9 percent, MultiHousing News explained, citing the report.

However, while that figure was not as impressive as seen in many parts of the country, there was a much improved unemployment rate. The report showed that this fell to 7.8 percent in the past year, significantly lower than the 8.6 percent last year. This was higher than the previous year's drop, as well. Overall, the employment situation was led by health and services, where positions rose more than 3 percent last year.

New construction levels declined markedly during the past year. The report noted approximately 1,000 units were finished last year, but this year may only see fewer than one-third of that figure. Permits also declined, as last year experienced more than 1,500, but only 720 are expected this year.

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