January 9th, 2012 | City

New Haven has nation’s lowest apartment vacancy

The 360 State Street building is 31 floors.
The 360 State Street building is 31 floors. Photo by Eva Galvan.

New Haven has the lowest apartment vacancy rate in the nation, according to a a ranking released last week by Reis Inc., an organization that conducts studies on real estate markets. Clocking in at 2.1 percent, New Haven beat even notoriously saturated New York City, at 2.4 percent.

New Haven Mayor John DeStefano Jr. told the New Haven Independent that the ranking bodes well for the city.

“Low apartment vacancies translate to a strong property tax base to pay for important city services, and population growth that helps support business growth and job creation,” he said. “It also challenges us to develop more housing, especially worker housing to keep rents from rising disproportionately.”

This ranking includes data from the fourth quarter of fiscal year 2011. New Haven also had the lowest vacancy for the third quarter of 2011, at 1.9 percent.