Apartment rents have increased at the highest rates since the third quarter of 2007, according to real estate research firm Reis, Inc.
Reuters reported that the average U.S. vacancy rate of 4.7 percent marked a 10-year low since the fourth quarter of 2001.
Asking rents rose to $1,091 per month, 1 percent higher than the first quarter this year and the biggest increase since 2007.
New York City's effective rents rose 1.7 percent from the previous quarter and 3.9 percent from a year ago. The average renter's effective monthly rent of $2,935 takes the title of most expensive city over San Francisco, by more than $1,000.
Memphis, Tenn. had the lowest vacancy rate at 9.2 percent, and of the 82 urban areas Reis tracked Wichita, Kansas had the cheapest rent at $510.
Advertisement
Related Stories
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers
Market Data + Trends
Single-Family Permits Show Increase in February
Year-to-date ending in February, single-family permits were up in all four regions of the U.S.