Posted July 27, 2011 by RentJungle
Almost everything in the real estate market is going down, like home sales and home prices. But here is one decline that can be taken as a bit of breather from all the bad news: U.S. apartment vacancies have dropped in the third quarter – the first in three years. This means that more and more people are deciding to move out of their families’ and friends’ places and renting their own places.

New York-based Reis Inc. released a survey of about 9.1 million apartments and found out that the national vacancy rate fell from last year’s 7.9% to 7.2% in the third quarter – the figure was at 7.8% in the second quarter. The vacancy rate is said to be the lowest since the 6.7% achieved in the fourth quarter of 2008 and the first year-over-year drop since fourth quarter of 2007. Vacancy rate was at a three-decade high late last year, when it hit 8%.

When the U.S. recession started two years ago, the trend of rental demand surge during the second and third quarters was interrupted. Declines in employment rates led many Americans to move in with parents or friends than renting their own places. Now, with the survey results, the trend seems to be coming back.

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