Rising Apt. Rents Prove Challenging
For many unable to purchase a home, apartment living provided an affordable option. That affordable option though apperas to be disappearing. According to an recent Applied Analysis report, apartment rents are rising forcing many to move out.
Apartment landlords were requesting average rents of $872 during the first quarter of 2007. This was a 4.3% increase over the $836 wanted in the first quarter of 2006. As a result of rising rent prices, occupancy had dropped to 94.1%. During the fourt quarter of 2006, it had been 95.4%.
Apartment owners need not panic as the market is expected to improve thanks in part to the continued creation of construction and casino jobs being created in the next two to three years with development along the Strip. Additionally, as more and more people loose their homes through foreclosures, many are expected to return to apartment living.