Clipboard│Apartment vacancy rate at its lowest level since 2
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According to an industry report released on Wednesday, the U.S. apartment vacancy rate fell to its lowest level in more than a decade, but persistent stagnant income growth for U.S. workers has tempered the ability of landlords to raise rents. According to a preliminary report by real estate research firm Reis Inc, the national apartment vacancy rate fell 0.2 percentage points to 4.3 percent in the first quarter, the lowest since the fourth quarter 2001. Rents, in contrast, grew by 0.5 percent, the least increase since the fourth quarter of 2011. The apartment sector has been the beneficiary of the U.S housing bust, the economic recovery, high mortgage requirements, and a constrained supply of new apartments over the past five years. Equity Residential (EQR.N), Essex Property Trust Inc (ESS.N) and Avalon Bay Communities Inc (AVB.N) to push up rents are the apartment owners that were pushed down the vacancy rate by those factors. Nevertheless increasing rents may be knocking up towards the ceiling of dull wages. According to the most up-to-date data available from U.S. Bureau of Labor Statistics, wages have scarcely been keeping up with price rises. Average hourly earnings rose 2.1 percent in February from a year ago, but the consumer price index was up 2 percent…
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