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The U.S. vacancy rate is at a 22-year high, and that's wreaking havoc on rents. According to a second-quarter report from research firm Reis Inc., effective rents (which include landlord concessions) in New York City have posted a 12-month decline of 5.8% to an average of $2,680, the biggest fall among the 79 markets tracked. "It is one of the worst second-quarter performances that we've seen," a researcher told the Wall Street Journal. [WSJ]