Demand for apartments remains strong four years after the recovery began, even as construction activity has gradually increased. Not even the seasonal weakness normally observed during the fourth quarter had much, if any, impact on market dynamics. Vacancy in the sector declined by 10 basis points during fourth quarter to 4.1 percent, in line with the 10 basis point decrease in vacancy recorded during the quarter prior. Over the course of 2013, the national vacancy rate f
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