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Apartments filling up but local rent prices may be nearing a ceiling

20200713-bc-rentals

In this July 2020 file photo, Realtor/manager Scott Knoeb shares a newly built apartment near Meadows Field Airport on Red Rock Drive.

New data shows Bakersfield apartment vacancies dropped again during the second quarter of this year, signaling the local rental market may be gaining steam as rising interest rates make it more expensive to take out a home loan.

The citywide vacancy rate declined to 1.38 percent, from 1.57 percent during the first quarter and 1.76 percent in the fourth quarter, according to a report this month from Bakersfield multifamily housing specialist Marc Thurston at ASU Commercial.