Feb
28

Property Owners Raising the Roof on Renters

February 28, 2011

As the economy strengthens, the housing industry improves, and that includes the rental market.

According to Reuters, the U.S. rental vacancy rate fell 9.4 percent in the fourth quarter of 2010 from 10.3 the quarter prior.

Apartment for Rent signThat’s the lowest rental vacancy rate recorded since the second quarter of 2007.

Experts believe rents will increase 4.5 percent this year as property owners have little fear of losing customers to other housing options.

In response to this news, Apartments.com conducted a national survey of more than 1,800 of its January website visitors to find out about their 2011 moving plans.

The results are not that surprising: It all comes down to income. The survey revealed that 28.8 percent of respondents were looking to move for a job this year compared to 10.4 percent from the previous year.

According to Apartments.com, here are the top five most popular reasons website visitors are moving in 2011:

1. Relocating for employment opportunities: 28.8 percent

2. Looking for a bigger apartment: 13.3 percent

3. Shopping for a less expensive apartment: 9.7 percent

4. Rent increase: 6.7 percent

5. Wanting to live in a safer neighborhood: 5.7 percent

Almost 20 percent of the surveyors said they started their apartment search three to four months in advance and almost a quarter of them are looking as much as five months to more than a year out.

“It’s a good idea to lock into a lease right now,” said Chris Brown, vice president of product management, Apartments.com.

“Many management companies have announced rent increases and we’re starting to see this reflected in the rents advertised on our site. As vacancy rates continue to drop and the rental market improves, we expect to see the upward trend grow. Deals can still be had, but they’re getting harder to find. Use the tools available online to search for apartments by rent ranges that work with your budget.”

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Tracey

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2 Comments

1

[...] Chicago residents, how would you like to live rent-free for a [...]

2

What is the current vacancy rate in the Chicago suburbs and more specifically DuPage County. Thanks.

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