Apartment rents will go up again next year for the fourth consecutive year as the economy improves — good news for landlords but tough on renters.
Rents for apartments — which make up about half of all rental housing — will jump 4.6% nationally next year after a 4.1% increase this year, the National Association of Realtors predicted Monday in its commercial forecast.
Rents will keep rising, more than 4% a year for 2014 and 2015, says market researcher Reis.
“The pendulum has definitely swung back in favor of landlords, not renters,” says Ryan Severino, Reis senior economist. The stronger economy and lack of new supply continue to drive apartment rents higher.
The number of apartments under construction at the end of September stood at 194,000 units across the nation’s 100 largest metro areas, says MPF Research
Read More: http://www.usatoday.com/story/money/business/2012/11/26/apartment-rents-rise/1727279/