I'm going by Jens von Bergmann's rule of thumb: "When the vacancy rate climbs above three percent, inflation-adjusted rents generally flattens and go negative. When the vacancy rate drops below three percent, inflation-adjusted rents tends to climb." But I'd definitely be interested in other references. https://doodles.mountainmath.ca/blog/2018/11/28/vacancy-rate-and-rent-change/
I thought 5% vacancy rate was healthy for a city. 3% sounds still too low
I'm going by Jens von Bergmann's rule of thumb: "When the vacancy rate climbs above three percent, inflation-adjusted rents generally flattens and go negative. When the vacancy rate drops below three percent, inflation-adjusted rents tends to climb." But I'd definitely be interested in other references. https://doodles.mountainmath.ca/blog/2018/11/28/vacancy-rate-and-rent-change/