Apartment Rent Surge Expected Into 2015 According To The National Association Of Realtors

Apartment Rent Surge Expected Into 2015 According To The National Association Of Realtors

Are you still debating between renting vs. purchasing?  Please read the article below.  This may help you with your decision.  As always, feel free to contact me anytime to see what options are currently available for first time homebuyers.

Renters need to brace themselves: Apartment rent is expected to continue to outpace inflation next year. It’s a landlord’s market, which means strong demand continues to give landlords justification to hike rents. 

Rent growth will likely reach 3.9 percent in 2015, only a slight dip from 4 percent this year, according to a recent forecast released by the National Association of REALTORS®.  For at least two more years, vacancy rates for rental apartments are expected to remain low.  “Low housing inventory and the sizable demand for rentals will continue to spur multifamily construction as well as keep rents rising above inflation through next year,” says Lawrence Yun, NAR’s chief economist.  The Bureau of Labor Statistics shows that annual rental inflation is nearly double the price of overall inflation.  Builders are increasing the construction of multifamily units but are struggling to keep pace with demand.

Source: “Apartment Rent to Outpace Inflation Next Year: NAR,” MarketWatch (Nov. 24, 2014)

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Phone: 630-946-9460
Dated: November 30th 2014
Views: 648
About Carl: Carl Vonderhorst has been a resident of the Chicagoland area for over 15 years. He has a degree in ...

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