Apartment Rental Prices Soar: Generation Y Becomes Driving Force

Well, phew, I’m glad I’m not the only one that’s feeling the pain when it comes to looking to rent an apartment! Whether you’re in a big city or a small town, renting an apartment in the U.S. became even more expensive during the second quarter, as vacancies set a new 10-year low and rents rose at a pace not seen since before the financial crisis, according to Reuters.for rent1 150x150 Apartment Rental Prices Soar: Generation Y Becomes Driving Force

Asking rents have jumped to a whopping $1,091 per month, which is 1 percent higher than the first quarter and the biggest increase since the third quarter of 2007. Excluding special perks designed to lure tenants, like months of free rent, the average effective rent rose 1.3 percent to $1,041.

Fellow Generation Y-ers have been a driving force behind the higher rental prices in urban areas, particularly in cities like New York and San Francisco, where job markets are relatively strong. With rent on the rise and new apartment construction down, it looks like I’ll be packing myself like sardines into a tiny apartment with an overflow of roommates for a little while longer.

To read the full article, visit www.reuters.com/article/2012/07/05/usa-apartmentmarket-idUSL2E8I376920120705.

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About Kelsey Owen

Kelsey Owen is the Director of Communications and Public Affairs for the Better Business Bureau serving Metro Washington DC and Eastern PA. Prior to December 2014, Kelsey was the Communications and Marketing Coordinator for the Council of Better Business Bureaus based out of Arlington, VA. Kelsey graduated from Denison University with a degree in economics and communication and is currently pursuing a master's degree in media entrepreneurship.