Publication Date:
Thu, 2012-07-05 11:43
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Apartment rents have increased at the highest rates since the third quarter of 2007, according to real estate research firm Reis, Inc.
Reuters reported [1] that the average U.S. vacancy rate of 4.7 percent marked a 10-year low since the fourth quarter of 2001.
Asking rents rose to $1,091 per month, 1 percent higher than the first quarter this year and the biggest increase since 2007.
New York City's effective rents rose 1.7 percent from the previous quarter and 3.9 percent from a year ago. The average renter's effective monthly rent of $2,935 takes the title of most expensive city over San Francisco, by more than $1,000.
Memphis, Tenn. had the lowest vacancy rate at 9.2 percent, and of the 82 urban areas Reis tracked Wichita, Kansas had the cheapest rent at $510.
