Former homeowners who lost their properties to foreclosure are now pouring into the rental market.
Renters surged into the U.S. apartment market in the third quarter, pushing up rents and driving down vacancies.
The national vacancy rate fell to 7.2% in the third quarter from 7.8% the second quarter, one of the sharpest drops on record, according to New York-based real estate research firm Reis Inc. Rents increased 0.6% to an average of $980 a unit over the same period as landlords were able to cut back on free rent and other incentives that had been used to attract and retain tenants in a weak market.
