Apartment rents are still surging but some relief is in sight.
Average U.S. rent rose 0.4% in May, matching the record high, according to consumer price index data released this month, the 67th consecutive month of increases.
Rent climbed about 5% in the first half of the year, well above the 3% historical average, says Greg Willett, chief economist at RealPage, a property management software provider. Renting an average market-priced apartment now costs $1,282 a month.
Read more...Rent still soaring but should moderate soon