Rent Prices Should Rise Again Next Year
Washington, DC, Nov. 26, 2012 -- Vacancy rates for apartments are expected to maintain a "landlord's market" next year with rising rents, according to the National Association of Realtors.
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NAR expects a vacancy rate of 4% in the fourth quarter of this year to edge down to 3.9% in the fourth quarter of 2013.
Rates less than 5% are considered a landlord's market, according to NAR.
Rent is expected to rise 4.6% on average in 2013 after a gain of 4.1% this year.
Commercial real estate is also expected to see lower vacancy rates next year but vacancy rates will still be in double digits.
"Job creation is the key to increasing demand in the commercial real estate sectors," said chief economist Lawrence Yun.