The U.S. apartment vacancy rate eased to its lowest level in more than a decade, but stagnant income growth moderated rent increases, according to an industry report released on Monday.
The national apartment vacancy rate fell 0.1 percentage point to 4.1 percent in the fourth quarter from the third quarter, according to a preliminary report by real estate research firm Reis Inc. It was the lowest vacancy rate since the third quarter of 2001, when it was 3.9 percent
A sluggish job market and weak wage growth help keep rent growth at just 0.8 percent, however, well below the level usually associated with such low vacancy rates.
(Read more: Manhattan apartment sales hit a high)