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Article: The apartment's already taken; Regional census numbers indicate a good economy but not enough new rental units to meet demand.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- March 22, 2008
CopyrightCOPYRIGHT 2008 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: CHRIS CHURCHILL - Business writer
The Capital Region had one of the nation's lowest rental vacancy rates in 2007, suggesting both economic vitality and a failure by builders to keep up with demand.
The Census Bureau says the Albany-Troy-Schenectady area had a 2007 rental vacancy rate of 4.9 percent, making it the fifth tightest rental market among the nation's 75 largest metropolitan areas.
The trend is not new: The census bureau says the region has had one of the nation's tightest markets for several years. In 2005, the Capital Region even had the lowest vacancy rate among the largest metropolitan areas, at 3.1 percent.
The ...