Since my article that looked at rising rents ran in today’s Gazette, I’ve been contacted by a few property owners about this particular sentence:
“Occupancy rates are hitting historically high levels, sitting between 95 and 96 percent nationwide, Culkin added. Here in the Corridor, occupancy rates are between 90 to 94 percent in Cedar Rapids and about 98 percent in parts of Johnson County.”
A few Cedar Rapids property owners are seeing higher vacancy rates than what was reported. Darin Garman and Jason Rodgers from Heartland Investment Real Estate, believe that number is closer to a 15 percent vacancy rate or an 85 occupancy rate, and Barry Smith from Mirage Properties Corporation is seeing an 85 to 90 percent vacancy rate.
There isn’t one central source of information to gather occupancy rates for Cedar Rapids and other parts of Linn County. I appreciate further feedback as to what other management companies are experiencing.