Apartment market tight

One measure of how tight the apartment rental market is shows it was the tightest it's ever been last quarter.

The National Multi Housing Council, based in D.C., released its quarterly Market Tightness Index Thursday, which measures vacancies and rents, and says it rose to a record 90 from 78 the previous quarter. Any reading in the index above 50 indicates improving market conditions.

Of members surveyed, 79 percent said markets were tighter, with either lower vacancies or higher rents, or both, and for the first time ever, no one said conditions were looser.

"These results show the apartment industry continues to do well even though the nation's overall rate of economic growth has slowed," said NMHC chief economist Mark Obrinsky. "This is driven largely by the increased appeal of renting generally, but also by the large number of young people entering the housing market for the first time, and young people are much more likely to rent than to buy."