Apartment Vacancy Rates Lowest Since 2001

New York, NY, July, 5, 2012 -- Apartment vacancy rates hit their lowest point in more than a decade in the second quarter, according to research firm Reis.

Average rents increased in all 82 markets the firm tracks.

REIS, a real estate data firm, said average rents are now at record levels in 74 of those markets and now top $1,000 a month on average in 27 of them.

The national vacancy rate fell during the quarter to 4.7%, its lowest level since the end of 2001, Reis said. That's down from 4.9% in the first quarter and from 8% in 2009.