BUSINESS
09/26/2010 05:12 am ET Updated May 25, 2011

Apartment Rentals Surge, Fueled By Foreclosures, Job Market

uly 27 (Bloomberg) -- U.S. apartment landlords are seeing a surge in rentals as mounting foreclosures reduce homeownership and an improving job market for young adults encourages them to find their own places to live.

The number of occupied apartments increased by 215,000 in the 64 largest U.S. markets in the first half of the year, according to MPF Research, almost twice the units added in all of 2009 and the most since the firm began tracking the data in 1992. The vacancy rate declined to 6.6 percent last month from 8.2 percent in December.

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