Rental rates jumped 5.5% in San Jose, Calif., 4.5% in San Francisco and 3.7% in New York. Of the primary 82 markets tracked by Reis, the only one that didn’t see rates rise from a year ago was Las Vegas, which has plenty of foreclosed homes available for rent.
With millions of Americans burned by the housing crash becoming renters, landlords report few available apartment units. The vacancy rate for the third quarter, which wraps up the prime leasing season, fell to 5.6% from 7.1% a year earlier. That is the lowest since 2006…
When compared with a year earlier, North Carolina’s Greensboro/Winston-Salem region saw a 3.1 percentage point decline in vacancies, the nation’s largest. Charleston, S.C., and Austin, Texas, also saw declines near 3%.
New Haven, Conn.’s, 1.9% vacancy rate was the nation’s lowest. With 11%, Memphis, Tenn., has the highest rate, according to Reis.