Apartment Vacancies in U.S. Drop From 30-Year High, Reis Says
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Apartment vacancies in the U.S. dropped in the second quarter from the previous three months, the first quarterly improvement in two years, as private-sector job growth boosted demand for rental housing, Reis Inc. said.
The vacancy rate for apartment properties was 7.8 percent, down from a 30-year high of 8 percent in the first quarter and up from 7.7 percent a year earlier, according to a report today by the real estate research firm. First-quarter vacancies were the highest since 1980, when Reis began tracking the data.