One of the biggest upsides to the downturn in housing has been a surge in demand for apartments.

Whether burned by foreclosure or afraid of losing money in home ownership, Americans have run in droves to rent. That resulted in a strong rise in rents and a big drop in vacancies over the past few years, as investors rushed to build more supply. Now, just as that supply is about to come on line, demand appears to be weakening.

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