Rents Set To Rise Again In 2013 [AUDIO]
If you’re a renter, get ready to pay more. Apartment rents will rise in 2013, for the fourth consecutive year.
Rents are expected to rise 4.1% nationally this year and another 4.6% next year, according to the National Association of Realtors.
“It really is a landlord’s market, not a renter’s market,” said Walter Maloney, spokesman.
He said you can blame the increase on a stronger economy and lack of new homes.
“The number of apartments under construction has doubled since 2010 and at the same time the economy has improved, more college students who came home to live with mom and dad are moving out and renting their own place so landlords are being a little more aggressive with rent increases.”
To no surprise, Maloney said in New Jersey as in other states across the country, it’s becoming cheaper to buy a home than it is to rent.
“It would cost much less to make a payment for a home you own than to rent. This is a long term trend, rents will be rising for the foreseeable future.”
And there’s even more pressure on rents in the state, post-Sandy.
“The vacancy rates in September were already at 3.7%, which right now would also push rents higher.”