Multifamily rents fall as vacancy rate rises to record 8%

The U.S. apartment vacancy rate rose to 8%, its highest level ever recorded, in the last quarter of 2009, research firm Reis said. At the same time, rents took their biggest fall in three decades, the firm said. "Never before have we observed rental properties in so much distress," said Victor Canalog, Reis' research director. He predicted demand for multifamily units won't recover until labor markets stabilize.

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