REIS: Apartment Vacancies Hit 10-Year Low

The vacancy rate fell to 5.2 percent, the lowest since the end of 2001, the New York-based property research firm said in a report. It was 5.6 percent in the previous three months and 6.6 percent a year earlier. The average monthly effective rent, or what tenants paid after landlord giveaways, climbed 2.3 percent from a year earlier to $1,009, Reis said.  Read more.

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