The U.S. apartment vacancy rate fell to its lowest level in more than a decade during the third quarter, according to a new report by real estate research.
It was down to 4.2 percent, the lowest vacancy rate since the third quarter of 2001, when it stood at 3.9 percent. 'Demand has been so strong to push vacancy rates to such a low level, yet we haven't seen rent growth of the magnitude we would normally expect, ' With such low vacancy, rents normally would grow by about 4 percent to 5 percent year-over-year, Severino says. Stagnant job and income growth are what has held rents back, he added. Will Hottest Housing Markets Cool in 2014?
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