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Apartment Vacancy Rate Hits Two-Decade Record

Published Thursday, July 16, 2009

The nation’s apartment vacancy rate has reached a 22-year high, according to New York-based research firm Reis. The second quarter vacancy rate of 7.6% represents a 150 basis point increase from June 2008, and a 30 basis point jump from the first quarter of 2009. The rate is even higher than in the first quarter of 2004 at the height of the previous national downturn, when it reached 7.2%, said Victor Calanog, director of research, in an early analysis of the second quarter results. The 7.6% vacancy rate level has not been recorded since 1987, according to Reis. ...

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