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Rents On The Rise

Posted By James Bianco On July 9, 2012 @ 8:30 am In Inflation,Real Estate,Think Tank | Comments Disabled

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The Wall Street Journal – Rents Increase as Vacancies Dry Up [2]
Landlords boosted apartment rents to record levels in the second quarter as demand from tenants sitting out the home-buying market pushed vacancy rates to their lowest point in more than a decade, according to a report to be released Thursday. Despite the sluggish economy, average rents increased in all 82 markets tracked by Reis Inc., a real estate data firm. Average rents are now at record levels in 74 of those markets and now top $1,000 a month on average in 27 of them, including Miami, Seattle, San Diego, Chicago and Baltimore…”The market is in a very tight position,” Reis said in a research report. “There is a paucity of available units.” The nation’s vacancy rate fell during the quarter to 4.7%, its lowest level since the end of 2001, Reis said. That’s down from 4.9% in the first quarter of this year and from 8% in 2009, when millions of would-be renters were doubling up or living with family.

Source: Bianco Research [3]

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[1] Image: http://www.ritholtz.com/blog/wp-content/uploads/2012/07/NA-BR427_APART_G_20120704163003.jpg

[2] Rents Increase as Vacancies Dry Up: http://professional.wsj.com/article/SB10001424052702303933404577505260835025948.html?mod=WSJPRO_hps_MIDDLESixthNews

[3] Bianco Research: http://www.arborresearch.com/bianco/?p=65249

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