Apartment vacancies are rising and rents are falling

From BusinessWeek:

Apartment vacancies in the second quarter rose to 7.5% — the highest percentage for that period in 22 years, according to today’s apartment market report from Reis.

It seems that people are moving in with friends and family, or are finding roommates.

Effective rents, which include concessions, fell 1.9% from a year earlier and 0.9% from the previous quarter.