vacancies

Vacancy rates have been declining at apartment buildings across the U.S., sending rents soaring. And because housing makes up a big part of core inflation, those higher rents could translate into a doubling of the inflation rate this year.

The vacancy rate for U.S. apartments in the second quarter has reached 7.5 percent -- the highest level since 1987, increasing 1.4 percentage points from a year ago, according to real estate research firm Reis Inc. The all-time record for vacancies was 7.8 percent in 1986. Victor Calanog, Reis's...