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Experts: Apartment market showing signs of recovery

April 7, 2010 - The time when renters hold a great deal of leverage over their landlords may be coming to an end, as industry analysts suggest that the apartment market may be on its way to recovery.

New findings from real estate research firm Reis indicate that vacancy rates for rental homes stopped rising during the first quarter of this year, which could indicate that the market is beginning to rebound, Reuters reports.

At the beginning of the year, approximately 8 percent of apartments in the U.S. were vacant, which showed no change from the fourth quarter of last year. However, this rate was the highest in 24 years, according to the research.

Nevertheless, the analysts say that this sign of recovery has come earlier than anticipated.

"It certainly looks like we turned the corner this time around, one quarter sooner than I expected" Victor Calanog, director of research for Reis, told the news source.

According to Rent Jungle, an apartment search engine, the average rent for an apartment in the U.S. was $1,020 during the first quarter of this year.

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