Apartment Rental News Update: Apartment Rental Rates from Around the Nation
This week we have been seeing a lot of news stories reporting on the fluctuation of apartment rental rates in some large cities in the U.S. We provide this snapshot of the market for apartments for rent in order to provide a cleare picture of how real estate trends nationwide are affecting the rental markets of particular metro areas.
Here is a quick rundown of the rental market around the U.S.:
Rental rates for Boston Apartments have stabilized after skyrocketing since 2002. Despite the lower than anticipated rates for apartment rentals, students are flocking back to on campus housing. We predicted this would happen a few days ago due to Boston's roommate ordinance. Although prices may not be rising as they have in recent years, many students are still priced out of the market when they cannot share costs and are seeking refuge back on campus.
Phoenix apartments‘ rental rates dropped 9.3 percent to $939 from last year. As a metro area with a high foreclosure rate, the 'shadow rental market' has become a significant player; influx of homes for rent are adding inventory to the rental market and depressing prices on Phoenix apartments.
Rents for Salt Lake City Apartments have risen 9.2 percent over the past year, the largest increase in more than a decade. The vacancy rate increased slightly from 4.5 percent last year to 5.3 percent. The recent hike follows previous increases of 8.8 percent last year and 5.1 percent the year before.
The GVA Marquette Advisors released an Apartment Trends report for St. Paul apartments and Minneapolis apartments last week which showed that both cities' rental markets are strong. The vacancy rate for St. Paul apartments declined sharply from 8 percent to 3.2 percent. The vacancy rate for Minneapolis apartments, though it increased from 3.3 percent to 4.1 percent, was still below the 5 percent, which is considered the equilibrium point for the apartment rental market. Average rents increased 3 percent to $910 per month.
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