Apartment vacancies decline nationwide, rent remains relatively stagnant

According to a recent report from New York-based property research firm Reis, Inc., nationwide apartment vacancy rates dropped to 5.2 percent during the fourth quarter of 2011, Bloomberg reports. This marks a significant decline from 6.6 percent in Q4 2010. However, the greater demand for apartments hasn't translated into significantly higher monthly rental payments for consumers. TransUnion, the agency that compiles TransUnion credit reports, recently released data from its proprietary rental screening database that found the average rent for the nation declined from $831 to $820 during that same time period. Conversely, the average deposit increased from $269 to $284. According to Steve Roe, vice president of sales for TransUnion's rental screening business unit, the rent decrease is most likely the result of the current economy and high unemployment rates. However, he adds that there are some significant regional differences. For example, average rent in Denver, Colorado, rose 10.2 percent from $777 to $857, while average deposits increased from $340 to $383.