Apartment Market Continues Strength in Q4

New York, NY, Jan. 6, 2011 -- The U.S. apartment market continued its relative strength in the fourth quarter with vacancies falling below 7% for the first time in two years, research firm Reis said.

The strong demand pushed the average national rent up for the fourth quarter in a row, a departure from the freebies and discounts landlords were using to find and keep tenants during the downturn.

Reis said the sector hit bottom in 2009's fourth quarter and that a strong recovery is likely under way.

According to Reis data, the national apartment-vacancy rate was 6.6% in the fourth quarter, down from 7.1% in the third quarter and 8% in the fourth quarter a year ago.