The U.S. residential rental vacancy rate dropped further in the third quarter as the economy continued to normalize after severe disruptions caused by the COVID-19 pandemic, potentially indicating that high inflation could last for a while, Bloomberg News reported. The Commerce Department said yesterday that the rental vacancy rate fell to 5.8% last quarter, the lowest since the second quarter of 2020. That was down from 6.2% in the April-June period and 6.4% a year ago. The collection of data was affected by the coronavirus last year and part of 2021. The Census Bureau, which compiles the report, said the pandemic-related restrictions on data collection had ended in almost all areas in the third quarter, adding that less than 0.5% of cases were affected. In the third quarter, the median asking rent for vacant units was $1,203. That was down from $1,228 in the second quarter, but up from $1,160 a year ago. Rental vacancy rates were lowest in the Northeast and West and higher in the South and Midwest.
