Average apartment rents in the United States climbed again in the fourth quarter while vacancy rates fell, according to data released Tuesday by real estate research firm Reis Inc.
Asking rents rose for the twelfth consecutive quarter, up .6% to a monthly average of $1,097, while the national apartment vacancy rate dropped .2% to 4.5%, continuing three consecutive years of declining vacancies.
As renting gets pricier, buying a home tends to look like a more attractive investment. But certain factors such as stricter mortgage requirements, labor market weakness and a broad deleveraging of U.S. consumers following the subprime mortgage crisis may give some would-be buyers pause, reports Reuters.
Have rising rents led you to consider buying your own home?