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Apartment Vacancies Decline to an 11-Year Low in U.S.

U.S. apartment vacancies declined to an 11-year low in the fourth quarter as construction of multifamily complexes spurred by rising rents failed to keep up with increasing demand, Reis Inc. said.

The national vacancy rate dropped to 4.5 percent from 4.7 percent in the third quarter and 5.2 percent a year earlier, the New York-based real estate research firm said today. It was the lowest since the third quarter of 2001, when the rate was 3.9 percent, according to Reis. New York was the tightest market, with a 2.1 percent vacancy rate, unchanged from a year earlier.