US Vacancy Rates drop 0.6% to 7.2%

A few days ago we wrote about the more confident landlord mindset heading into the fall of 2010.  However, due to a small increase in vacancy in the city from the lows of July/August, there was a question of if it would last.

Well, an article just released by Reuters discusses how the national vacancy rate just dropped 0.6% during the 3rd quarter of 2010.  This jives with what we were seeing locally here in Manhattan.  While summer leases ended and there may be a slight rise in vacancy for part of the fall, predictions say that renters are becoming more confident in signing leases as their outlook on job finding potential increases. 

As well, the article warns that rents might spike in the near future.  During the 3rd quarter rents raised 0.6% as vacancy dropped 8% (.6% out of 7.8% is 8%).