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Be Prepared for Double-Digit Rent Increases

By on Apr 11

If you’ve sat around comfortably in your rental while you watched the housing market come crashing down, you may have already started congratulating yourself for making such as wise choice by staying put in your apartment. However, according to the Market Watch article, “

Double-digit rent hikes are on the way,” you may not be congratulating yourself for long.

The article states that, according to development experts, impending shortages in the multi-family housing market will soon lead to double-digit rent increases. This shortage, coupled with a rise in people looking to rent, will give apartment owners an advantage that they haven’t seen since the mid-1990s.

Some cities are already noticing an increase in rent, with some rising by as much as 7 or 8 percent each year. And, although we will see a growth of apartment developments throughout the United States this year (about a 16 percent increase from 2010), it still won’t meet the rising demand.

Although it may seem like some ploy to increase rent, apartment developers are scrambling to meet the demand: Securing financing remains a problem for multi-family developers as they work to pay off debt.

For more information, visit the

Market Watch website.

Tell us what you think. Will an increase in your rent influence you to think about buying?

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