U.S. rental vacancy rate tightens in third quarter
Reuters
U.S. rental vacancy rate tightens in third quarter
Tue, November 2, 2021, 11:41 AM
WASHINGTON (Reuters) - The U.S. residential rental vacancy rate dropped further in the third quarter as the economy continued to normalize after severe disruptions caused by the COVID-19 pandemic, potentially indicating that high inflation could last for a while.
The Commerce Department said on Tuesday that the rental vacancy rate fell to 5.8% last quarter, the lowest since the second quarter of 2020. That was down from 6.2% in the April-June period and 6.4% a year ago.
The collection of data was affected by the coronavirus last year and part of 2021. The Census Bureau, which compiles the report, said the pandemic-related restrictions on data collection had ended in almost all areas in the third quarter, adding that less than 0.5% of cases were affected.
The rental vacancy rate is being closely watched as the debate over whether the current phase of high inflation is transitory heats up. Rents increased by the most since 2001 in September, helping to boost consumer prices that month.
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(Reporting by Lucia Mutikani; Editing by Paul Simao)