Reis reported that the apartment vacancy rate declined in Q3 to 4.2% from 4.3% in Q2. In Q3 2012 (a year ago) the vacancy rate was at 4.7%, and the rate peaked at 8.0% at the end of 2009.
Some data and comments from Reis Senior Economist Ryan Severino:
Vacancy declined by 10 basis points during third quarter to 4.2%. Although vacancy compression has clearly slowed over the last few years, the decline of 10 basis points is an improvement versus last quarter when vacancy was unchanged.
Read more...Calculated Risk: Reis: Apartment Vacancy Rate declined to 4.2% in Q3 2013