Elevated rental prices are pushing apartment vacancy rates up, following a pandemic-related housing boom, the Wall Street Journal reported Tuesday.
The price of apartments has risen 25% in the past two years, driven by a combination of inflation and rising demand as young workers sought to enter the rental market following the release of COVID-19 vaccines in the first half of 2021, the WSJÂ reported. In the third quarter, demand for apartments, as measured by one-year change in unit occupancy, is at the lowest level since 2009, and vacancies rose from 5.1% in the second quarter two to 5.5% in the third.
Read More