NAA Industry Insider: U.S. Rents Rise Again as Market Tightens

New Reis Inc. research shows that apartment owners and managers continued to push through higher rents in many cities during 2013's fourth quarter, offering little relief for residents who have seen increases in recent years. Nationwide, owners hiked rents by an average of 0.8 percent to $1,083 a month from October through December. While that is under the previous quarter's 1 percent increase, Reis researchers note that it is above the 0.6 percent gain seen in the last three months of 2012. Looking at the full-year 2013, rents rose 3.2 percent. Meanwhile, the U.S. apartment vacancy rate dipped to 4.1 percent in the fourth quarter from 4.6 percent year over year.

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