What is the average vacancy rate for a 4 family apartment building in Milwaukee?

In Market Conditions - Asked by Steven D. - May 14, 2013
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David B.
Owner/Investor
Woonsocket, RI

I found this article which might be helpful:
Apr 24, 2013, 1:45pm CDT
Milwaukee apartment rents expected to climb
by Sean Ryan
New apartment developments in Milwaukee include the second phase of the North End in the Park East corridor.

Sean Ryan
Reporter-
The Business Journal
The opening of 1,000 new apartments in the Milwaukee area this year will slightly boost vacancy rates, but rental rates are expected to grow 4 percent, reaching $934 a month by year’s end, according to Marcus & Millichap.
Overall, the apartment market got positive reviews from the company’s report for the second quarter of 2013.
Employment in Milwaukee is expected to rise, generating people to fill apartments. But vacancies are to increase to 3.5 percent, which is still a low number. There are 1,000 apartments to be completed this year, including 245 senior units, compared with 1,500 that were completed in 2012.
The market is favoring people who are trying to sell apartment buildings over investors who want to buy them, according to Marcus & Millichap. There are few buildings on the market compared with the demand from investors, including many from Chicago.

May 17, 2013
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