If you’re looking for a new home, now might not be the best time to go searching. GoBanking Reports that apartment rental prices are up nearly 3 percent when compared to last year, a major spike in the housing community which bodes negatively for the future of rental communities. The reason for this spike is most likely due to the increased economy we have been seeing after quarter two earnings reports as well as the shortage of affordable houses on the market.
Because so many people, millennials especially, prefer apartment living and find it to be cheaper and more accessible, the demand for rental space has shot through the roof. This, of course, would directly correlate with the 3 percent rise in prices.
The good news is that, since there is a higher demand for rental communities, more are being produced across the United States. The bad news, however, is that these communities will also be just as expensive, if not more costly, than current complexes. Until the housing market settles down, you can expect a steady increase in rental prices over the next year.
