Apartment rents rise at highest rate since 2007: Reis

http://www.chicagotribune.com/classified/realestate/apartments/chi-apartment-rents-rise-at-highest-rate-since-2007-20120704,0,7770524.story



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 real estate research firm Reis Inc.

The average U.S. vacancy rate of 4.7 percent was the lowest since the fourth quarter of 2001, down 0.2 percentage points from the prior quarter, according to preliminary data Reis released on Thursday.

Asking rents jumped to $1,091 per month, 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.

Rental trends in the Chicago area mirrored the national findings. About 4.1 percent of apartments were vacant during the second quarter, down 0.2 percent from the first quarter. Effective rents rose 1.3 percent, to $1,032.