by Calculated Risk on 1/05/2011 11:59:00 PM

From the WSJ: For Apartments, a Hot Winter

According to Reis data, the national apartment-vacancy rate was 6.6% in the fourth quarter, down from 7.1% in the third quarter and 8% in the fourth quarter a year ago.
...
Effective rent, the amount paid after discounts, rose 0.5% ...

Also from Diana Olick at CNBC: One Bright Spark in US Housing — Apartments

This is a significant decline from the record vacancy rate set a year ago at 8%. This decline fits with the recent survey from the NMHC that showed lower apartment vacancies.

The vacancy rate for large apartment buildings bottomed a year ago, and this indicates the excess housing inventory (that includes both vacant homes and apartments) is being absorbed.

Note: the Reis numbers are for cities. The overall vacancy rate from the Census Bureau was at 10.3% in Q3 2010.