Rents on the Up While Vacancies Go Down

Apartment landlords are having a good time as rents rise and vacancies fall. The average effective rent in the second quarter was $997, which is up from $974 the year before. The rent levels rose the fastest in San Jose to $1,501 in Q2 while the effective rents for San Francisco, Wichita and New York were $1,806, $495, and $2,826, respectively. Vacancies in the second quarter also fell in 72 of the 82 markets with a vacancy rate of 6%, down from 7.8% the year before.

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