The Real Deal Miami

National apartment vacancy hits 22-year high

July 08, 2009 02:55PM

U.S. apartment vacancies reached their highest point in 22 years in the second quarter, hitting 7.5 percent, according to data released today by real estate research firm Reis. Vacancies were up from 6.1 percent year-over-year. Job losses and lower wages have decreased demand for apartments. As the vacancy rate rose, asking rents fell 0.6 percent in the second quarter from the first, according to the Reis data. The same drop was seen in the first quarter of this year and it marks the largest dip in asking rents since 1999. [Bloomberg]