When the lenders foreclose on your house and you’re turfed out of the place, makes sense that you’re gonna rent a place to live. After all, it might be a tad difficult to get a mortgage on another home….
U.S. apartment vacancies fell to a two-year low in the fourth quarter and rents rose, extending a market recovery that began in early 2010, property research firm Reis Inc. said.
The national apartment vacancy rate dropped to 6.6 percent from 8 percent a year earlier and from 7.1 percent in the third quarter, the New York-based company said in a report today. It was the lowest since 2008’s third quarter, when the rate was 6.2 percent, according to Reis.
Apartment occupancies have risen as a surge in home foreclosures forced many people to lease apartments. While the 951,000 jobs added to U.S. payrolls from January to November is a fraction of the 8.4 million lost during the recession, “it is far better than the situation in early to mid-2009, when the nation was terminating hundreds of thousands of jobs per month,” Reis said.