With increased competition for units, rents are shooting up, and the increases are biting renters’
wallets as they find themselves increasingly getting priced out of the market, with wages failing to keep pace. Nationwide rents have risen about 6 percent from a year ago,due to rising demand and still-limited supply, CNBC reports. Nationally, the average monthly cost to rent a one-bedroom apartment in August was $939, according to CoStar housing data. "So landlords should still be able to push asking rent increases on to their tenants." Rental demand is strong and likely will remain so for the foreseeable future, analysts note. read more.
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