US apartment vacancy rate dips

The U.S. apartment vacancy rate declined in the fourth quarter, while rent growth slowed to its lowest since 2009, according to a report from Reis Inc. The national vacancy rate fell to 4.1 % in the fourth quarter from 4.2 % in the third quarter, the real estate research firm said. Asking rent and effective rent grew by 0.3 percent in the most recent quarter. They rose 1.2 percent and 1 percent respectively in the preceding quarter, according to the report. "Looking ahead, while new construction is expected to exceed demand (occupancy growth), we do not foresee a spike in vacancy rates," said Barbara Denham, senior economist at Reis.