Average apartment rent expected to increase

Before you go, we thought you'd like these...
Before you go close icon
U.S. Apartment Rents Projected to Rise Again


The average rent for an apartment is expected to increase.Renting an apartment has become increasingly expensive over the last five years, and rent isn't going to get any lower, anytime soon.

With the job market producing more jobs over the past couple of years, more young adults are searching for more places to live.

The average U.S. renter pays $1,124 per month. That's a 14 percent increase since 2010, according to Commercial Property Tracker. Rent is expected to go up this year about 3.3 percent to an average of $1,161. And while more Apartment buildings are being built to keep up with the rising demand, market analysts say about 80 percent of the those under construction are aiming at people who are willing to pay a premium.

Rent is expected to rise at a slower pace in the more popular markets. But it is still expected to go up, and the main reason is because more young people are apartment hunting.

With such high demand for apartments, this annual rise in rent trend isn't going to go away anytime soon.

More from AOL.com:
What $1k in rent gets you across the U.S.
U.S. city with the most expensive rent revealed
Is Beyonce apartment hunting solo?

Read Full Story

Sign up for Best Bites by AOL and receive delicious recipes delivered to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners