US Apartment Rental Vacancy Rate At Decade Low

US Apartment Rental Vacancy Rate At Decade Low

According to a recent report by Reuters, many people are choosing to rent over home ownership. New York City, with the largest U.S. apartment market, saw rental vacancy rates fall to 2 per cent. For those lucky enough to find a rental property during this time, getting the right New York renters insurance can offer financial protection against accidental damage.

According to the Reuters news report, figures for the latest quarter across the nation show that apartment vacancy rates were the lowest they have been since the fourth quarter of 2001, falling 0.30 percentage points to 4.9 per cent. This figure can be contrasted with the cyclical high at the end of 2008, when the average vacancy rate was 8 percent. While this may drive up rents in the short run, rent growth in many areas is likely to stabilize as new units come on to the market. Up to 200,000 new apartments are expected to be built in the next year.

Given the low rental vacancy rate for apartments, renters may be looking for alternatives. For renters looking for alternatives to apartments, share housing or renting a single room or suite in a house could be options to consider. Duplexes or rental flats are another option, and they often come with shared or private backyards and separate utilities.

Whatever way you rent, you should obtain New York renters insurance, as this may provide financial compensation in the event of loss or damage. Contact a local agent about finding a suitable and affordable policy before moving in to your new rental.

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