Apartment rents have increased at the highest rates since the third quarter of 2007, according to real estate research firm Reis, Inc.
Reuters reported  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.