Housing professionals and real estate experts have been seeing this coming: The rental market is on fire. As demand for rental homes increases, vacancy rates are on the decline and average prices are up. In the years before the housing recovery, people who couldn’t afford to buy (or who couldn’t qualify for a mortgage) were left with the alternative of renting. Likewise, as the housing market slowly improved, more Americans found that renting while rates were still reasonable could be a good way to save up money for a down payment on a home they would buy later on.
The average rent in the United States was $804 per month, according to data from the latest American Community Survey, released by the U.S. Census Bureau in 2012. Currently, it is estimated that the average monthly rent in the United States is closer to $1,161 for a two-bedroom apartment. The latter figure is not an official finding, but is from the website MyApartmentMap.com, which gathers statistical data from current online listings throughout the web. According to the site, the figures are updated on a daily basis and the data is “cleaned” to make sure information only comes from verified listings. [Read more...]