Average apartment rents in the United States climbed in the second quarter while vacancy rates dropped to a new low, according to data released Thursday by real estate research firm Reis Inc.
Asking rents rose 1% to a monthly average of $1,091--the biggest increase since the third quarter of 2007--while the national apartment vacancy rate dropped .2% to 4.7%, the lowest level since the fourth quarter of 2001.
The data can be attributed to a growing number of people who need housing but aren't buying their own home because of the housing slump and difficulty getting a mortgage, reports Reuters.
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