Apr
14

Nationally, Apartment Vacancies Decline, Rents Expected to Rise .

By
– Wall Street Journal

Vacancy in apartment buildings fell to the lowest rate in more than two years in the first quarter, setting the stage for fewer choices and higher rent for tenants.
With the economy adding jobs, and with more people choosing to rent instead of buy homes, the nation’s vacancy rate came in at 6.2%, down from 6.6% in the fourth quarter and 8% in the first quarter a year ago, according to data released Wednesday by Reis Inc.

This increasing demand has allowed many landlords to scale back on freebies and increase rent. The average effective rent, or the amount paid after discounting, rose to $991 in the first quarter from 2.5% a year earlier, according to Reis, which collected data from 82 major markets.

ARTICLE SHORTENED DUE TO LENGTH….

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