The news was mixed nationwide for the apartment industry. From the Wall Street Journal:
The national vacancy rate climbed to 4.4% for the quarter from 4.2% a year earlier, according to data released by Reis Inc. Nonetheless, average rents across the U.S. increased 3% year-over-year in the second quarter to $1,335 a month. That was the smallest year-over-year increase since 2011.
Rents increased or remained flat in all but two of 79 metro areas. That is in contrast to the first quarter, when rents declined in 23 metro areas…
Landlords got a boost from weaker-than-expected deliveries of new apartment units, which might postpone more pain until later this year. Roughly 36,500 units were built during the second quarter, down almost 37% from a year earlier, as labor shortages took a toll on construction. Those units might end up hitting the market later this year, putting additional pressure on landlords.