Strong growth of rents and occupancy levels of rental apartments have pushed some building values to record levels as Americans shift away from home ownership.My own rent got jacked up more than usual this year. Perhaps it's time to do the contrarian thing and become a homeowner. Nah!
While concerns about the economy are cooling the market for most other types of commercial real estate, apartment rents and occupancies continue to be boosted by demand from millions of people who are victims of foreclosure or are unwilling or unable to buy their own homes.
At the end of the third quarter, 5.6% of the nation's apartments were vacant, down from 5.9% in the second quarter, and the lowest level since 2006, according to Reis Inc., a real-estate data service.
Saturday, October 29, 2011
Rents rising in the U.S.
As the home ownership rate in the U.S. continues to decline, it is pushing up rents: