The setting sun hits Peter Cooper Village, a residential development, in Manhattan August 24, 2011. REUTERS/Lucas Jackson (Reuters) - U.S. apartment vacancy rate rose to 4.3 percent in the third quarter from 4.2 percent in the preceding quarter, real estate research firm Reis Inc REIS.O said on Thursday. Construction is generally accelerating despite new construction falling to 40,795 units in the third quarter, from 51,442 units in the second, Reis said. “Even without the tsunami of new supply hitting the market, vacancy is on the way up,” Reis Senior Economist Ryan Severino said. “This does not portend goods things for the next couple of years as new completions increase and flood the market.” Asking and effective rents both rose 1.3 percent during the quarter, the report said. New York remained the most expensive market in the country with effective rents averaging roughly $3,400 per unit, according to the report. New Haven, Connecticut remained the tightest market, having the lowest vacancy rate of 2 percent. Reporting by Abinaya Vijayaraghavan in Bengaluru
US real estate research firm Reis has reported that the US apartment vacancy rate rose to 4.3% in 3Q, up from 4.2% in the preceding quarter. The firm has also said that the huge levels of supply that are set to hit the market do "not portend good things for the next couple of years as new completions increase and flood the market"; construction is generally accelerating despite new construction having fallen to 40,795 units in 3Q, down from 51,442 units in 2Q.