A new report indicates that the average rent went up while vacancy rate fell in the second quarter of this year. Based on the data from 82 markets around the country, San Jose, California experienced the highest rent increase.
Wesley Lowery of The Wall Street Journal reports: "The average effective rent in San Francisco was $1,806; Wichita, Kan., $495; and New York, $2,826."
Despite the rent hike, vacancy rate reached 6%, which is 1.8% lower than the year before and the lowest since 2008.
"But there were some cautious signs in the data. Landlords filled a net 33,000 units in the second quarter, a slowdown from the 45,000 units they filled in the first quarter. That was somewhat surprising because typically, the net 'absorption' rate falls faster during the summer as college graduates leave campus and descend on cities in search of jobs. Some analysts said the slower absorption rate could be linked to slower job growth, although it is too soon to know for sure. The peak apartment renting season runs from May to September," Lowery notes.
FULL STORY: Rents Rise, Vacancies Go Down
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