Apartment vacancy rate falls to decade low via Reuters

The Apartment vacancy rate in the first quarter fell to its lowest level in more than a decade, and rents posted their biggest jump in four years, as Americans eschewed home ownership and renting retained its popularity, according to real estate research firm Reis Inc.

The national vacancy rate fell 0.30 percentage points in the first quarter to 4.9 percent, the lowest level since the fourth quarter 2001, according to preliminary results Reis released Wednesday.

Meanwhile asking rents jumped by 0.5 percent from the prior quarter to $1,070 per month. Stripping away months of free rent and other perks designed to lure or retain tenants, effective rent rose to $1,018 per month, up 0.9 percent, the largest increase since the first quarter 2008, Reis said.

Read more...Apartment vacancy rate falls to decade low | Reuters