An update, from the invaluable Calculated Risk

The vacancy rate for the third quarter, which wraps up the prime leasing season, fell to 5.6% from 7.1% a year earlier. That is the lowest since 2006.

The increased demand follows several years that saw little new apartment development. About 8,200 units came online during the third quarter, one of the lowest quarterly figures since Reis began tracking the data in 1999.

Also, tightening supply is not what a recessionary chart looks like. I continue to see the fundamentals pointing towards growth even if we are experiencing strong headwinds right now.