Marcus & Millichap released their annual National Apartment Report for 2013. Nationally, the report says powerful economic and demographic trends continue to drive the sector into its fourth year of expansion. The U.S. vacancy rates should reach 4.3% resulting in 4 to 5 % effective rent growth. New construction of about 150,000 units will temporarily create a supply and demand imbalance in many markets such as Austin, Charlotte and Houston. Over the next 2 years, the oldest echo boomers who just turned 28 will create a significant number of households. Additional households will form with the arrival of 1.2 million and 1.6 million immigrants annually through 2017.