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.