If you are moving into a new apartment this year, you may find that your rent may be higher than you expected. Experts are reporting that rental rates throughout the United States may climb 5.1% this year. Wondering why? Simply put, the demand for apartments is up therefore the rent will rise as well.
So, why is the demand for apartments so high right now? Part of the reason is the volatile housing market. Many people can’t afford to buy a home or have had to get rid of their home for financial reasons. Over the last year and a half, it has actually been more cost-efficient to rent rather than buy. Another reason apartment demand might be that with very little stability in the job market, many employees are forced to relocate.
Unfortunately, apartment construction isn’t proceeding as quickly as demand requires, hence the rising rental rates. This can cause difficulty when moving to a new apartment – not only is it hard to find an actual apartment but you won’t find cheap rent, either. Experts do say that rental apartment construction is expected to pick up this year, so those families looking to relocate to an apartment can rest easy.
If you are looking for an apartment be sure to do plenty of research before you move. Learn a little bit about where you want to live, the current rental rates, and what is available. Once you lock down a lease, hire a moving company to help you make the move a little easier and stress-free.
– Jon Huser