Mark Menendez, director of rentals at Prudential Douglas Elliman, said that even though the market was "pretty tight, " it was still a "value-based market, " in contrast to the frenzied bidding by renters in 2008 during the real-estate boom.

WSJ: May's Rents Rose As Vacancies Fell

Late yesterday, Senators Ben Cardin (D-MD), Barbara A. Mikulski (D-MD), Frank Lautenberg (D-NJ), Robert Menendez (D-NJ), Mark Warner (D-VA) and Jim Webb (D-VA) wrote a letter to House Speaker John Boehner (R-OH), Senate Majority Leader Harry Reid (D-NV), House Democratic Leader Nancy Pelosi (D-CA) and Senate Minority Leader Mitch McConnell (R-KY), urging the use a pro forma session of Congress in order to offer a solution.

FORBES: Airline Taxes, Job Cuts Tied to Fights Over Subsidies and Unions