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.
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.