The school year has begun at IU, and for the first time in a few years, I have noticed vacancy at some of Bloomington's "hottest" places, which is odd for the start of the IU semester. 

Is this a first sign that we are finally over-built?  Or is a little vacancy planned and expected by these management companies?   I've heard from one leasing manager who runs 3-4 very big properties in town that there are a surprising amount of empty units.  Also, recently build hot spots like Urban Station and the park on Morton seem to have available units.  Even Echo park which is only a year old and more affordable than downtown has empty units.