Apartment Vacancy Rate Tumbles

The nation’s apartment-vacancy rate in the fourth quarter fell to its lowest level since late 2001 as Americans continued to favor renting homes instead of buying them.  Demand has swollen from people being foreclosed out of their houses as well as those unable or unwilling to buy.  In the fourth quarter, the vacancy rate fell to 5.2% from 6.6% a year earlier.  During the depths of the downturn, landlords had to offer incentives such as flat-screen TVs and months with no rent to attract tenants.  But in the fourth quarter of 2011, landlords in most markets were able to raise rents.

Wall Street Journal  January 5, 2012