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Construction is generally accelerating despite new construction
falling to 40,795 units in the third quarter, from 51,442 units
in the second, Reis said.
"Even without the tsunami of new supply hitting the market,
vacancy is on the way up," Reis Senior Economist Ryan Severino
said.
"This does not portend goods things for the next couple of years
as new completions increase and flood the market."
Asking and effective rents both rose 1.3 percent during the
quarter, the report said.
New York remained the most expensive market in the country with
effective rents averaging roughly $3,400 per unit, according to
the report.
New Haven, Connecticut remained the tightest market, having the
lowest vacancy rate of 2 percent.
(Reporting by Abinaya Vijayaraghavan in Bengaluru)
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