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U.S. Apartment Vacancies Hit 23-Year High of 7.8%

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THE NEXT HOUSING-RELATED BUBBLE
"U.S. apartment vacancies rose to 7.8 percent in the third quarter, the highest since 1986, as rising unemployment reduced rental demand," Bloomberg reported. Actual rents paid by tenants, known as effective rents, declined 2.7 percent from a year earlier, the New York-based property research firm Reis Inc. said in a report. "New York’s vacancy rate fell to 2.9 percent in the third quarter from 3 percent in the second, as the end of summer brought an influx of tenants signing leases."
SOURCE:   Bloomberg

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