2014: Surging rental costs continue to grip national headlines, but some of last
year's biggest leaps in rental costs were in small to midsized cities. Nationwide,
apartment rents increased 3.6 percent, on average, in 2014, pushing the
average monthly lease rate to $1,124.38, according to Inc., a real
estate research firm. That marks the largest increase since began
tracking the market in 1980. Most
of the drive in rental costs has been due to a short supply of
vacancies at a time when demand has been high. The vacancy rate in 2014
was 4.2 percent, the lowest point since 2000, reports. See the following markets that saw the highest effective rent increases in the fourth quarter compared to a year earlier:
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