Rental Vacancies

Rental Vacancies

Lowest rate since 2002

Daily Real Estate News | Monday, July 30, 2012

Renters may struggle to find available apartments and rental homes in the current market. Nationally, the rental vacancy rate fell to 8.6 percent in the second quarter, the lowest second-quarter reading since 2002, the Department of Commerce Census Bureau reports.

The vacancy rate for rentals was the lowest in the Northeast at 6.7 percent, according to the Commerce Department. Rental vacancies are the highest —11 percent—in the South.
Meanwhile, the asking rent for the second quarter did get a little cheaper in the second quarter at $716, compared to a $721 average in the first quarter. read more