Thursday, December 14, 2017
Business

Growing demand for apartments pushing up rents

These are good times for U.S. landlords. For many tenants, not so much.

With demand for apartments surging, rents are projected to rise for a fifth straight year. Even a pickup in apartment construction is unlikely to provide much relief anytime soon.

That bodes well for building owners and their investors. Yet, the landlord-friendly trends will likely further strain the finances of many renters.

A 6 percent rise in apartment rents between 2000 and 2012 has been exacerbated by a 13 percent drop in income among renters nationally over the same period, according to a report from Apartment List, a rental housing website, which used inflation-adjusted figures.

"That's what we call the affordability gap," says John Kobs, Apartment List's chief executive.

A combination of rising rents and sluggish pay gains will likely continue to weigh on the U.S. economy.

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