Apartment Vacancies in U.S. Reach 22-Year High, Reis Reports

July 8 (Bloomberg) -- U.S. apartment vacancies

rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market.

Vacancies climbed to 7.5 percent from 6.1 percent a year earlier, New York-based real estate research firm Reis Inc. said today. The last time landlords had so much empty space was in 1987, when vacancies reached 7.6 percent as the Standard & Poor’s 500 Index plummeted 23 percent in the last three months of that year. (more)