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Despite the stagnant and uncertain economy, renters are returning to the market in massive numbers, The Wall Street Journal reported.
Nationwide, the vacancy rate fell 0.7 percent during the third quarter, one of the sharpest declines on record, to 7.2 percent. Landlords took advantage, raising rents for the third straight quarter.
New York City, which has the highest rent in the country, also saw the biggest gain in rent. Jacksonville, Fla., which was hit hard by the housing crisis, had the highest vacancy rate, at 12.1 percent, and saw a 0.2 percent dip in rent prices.
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