Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  October 11, 2006  |   Bidding War May Be Moving to Rental Front
The country's apartment sector is seeing more bidding wars as tenants jockey for available rental units in increasingly tight markets.

Nationwide, rent for a 1,000-square-foot apartment has risen 3.7 percent in the last year to $1,389 a month, says Property & Portfolio Research Inc.

One of the main reasons for climbing rents is the reduced inventory of units, created in part by developers that built condos or converted rental stock into for-sale units during the home sale boom.

In the second quarter of this year, rental vacancy rates fell to 5.3 percent from 6.2 percent in the year-earlier period. This has produced what is known as a "landlord's market," with companies like AvalonBay Communities Inc. raising their asking prices and cutting concessions for incentives like a free month's rent.

Source: Wall Street Journal, Christine Haughney (10/11/06)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!