Apartment rents are expected to jump again this year as the U.S. economy creates more jobs and demand for rental housing grows.
A 2012 increase would make the third straight year of rising rents. More annual increases are expected as apartment builders hustle to catch up with demand.
"You could see 10 years of a strong apartment market," says Ronald Johnsey, president of apartment market researcher Axiometrics.
The firm, which surveys 20,000 properties a month, expects apartment rents to jump 5.5% in 2012. MPF Research sees a 4.5% increase, while researcher Reis expects a 3% increase, although that forecast may change, says senior economist Ryan Severino.
Reis estimates rents rose 2.3% last year. Axiometrics says 4.4%, and MPF says 4.7%.
Read more...Apartment rent seen rising 3%-5.5% in 2012 via USATODAY.com