Rents Rise as Apartment Vacancies Fall
Apartment vacancies were down and rents were up last month as people got tired of living in their parents’ basements and rented a place of their own.

Nationally, the apartment vacancy rate was 7.8 percent at the end of June, according to research firm Reis Inc., down from 8 percent in the first quarter.

Rents rose 0.7 percent from April to June, the largest quarterly gain in two years.

The advantage hasn’t returned "completely back to owners right now," says Hessam Nadji, managing director at real estate firm Marcus & Millichap. "But we're well under way to see that balance shift back."

Source: The Wall Street Journal, Nick Timiraos (07/08/2010)