Apartment Vacancy Rate Near 3-Year Low

New York, NY, April 6, 2011 -- U.S. apartment vacancies dropped to the lowest in almost three years in the first quarter, according to research firm Reis Inc.

The vacancy rate declined to 6.2 percent from 8 percent a year earlier and 6.6 percent in the fourth quarter of 2010.

The rate was the lowest since it reached 6.1 percent in the second quarter of 2008.

Apartment owners had a net increase in occupied space of more than 44,000 units, the most for a first quarter since 1999 and almost double the number from a year earlier, Reis said.