REALTOR® Magazine-Daily News-Apartment Rents Rise in 2nd Quarter

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Daily Real Estate News | July 7, 2008 | Apartment Rents Rise in 2nd Quarter
The average apartment rent, including concessions, rose 1.1 percent in the second quarter to $994 a month, up from the 0.8 rise in the first quarter, according to Reis, a real estate research firm. This was slightly less than the 1.3 percent increase in the second quarter of 2008.

The average asking rent rose only 1 percent, indicating that landlords did not have to offer as many months free rent or other concessions to attract tenants.

The U.S. apartment vacancy rate stood firm at 5.9 percent, slightly more than last year's 5.8 percent.

Of the top 79 markets that Reis tracks, the New York market remained the tightest with vacancy unchanged at 2.2 percent. Jacksonville, Fla., was the weakest with vacancies at 10.8 percent.

Source: Reuters News, Ilaina Jonas (07/05/08)