In a recent report -
Class A properties are currently on a five-month upswing, with rents increasing by 50 bps, year over year. Meanwhile, Class B properties generated the strongest annual effective rent growth. Class C, which had slowed slightly from the middle of 2013 through February 2014, saw its first uptick (about 20 basis points) since July 2013.
Based on a comparison of rent levels for deliveries of units on brand new rental communities coming into the market - they are less affordable than they were in the previous cycle. With more expensive units being delivered, affordability has become an issue in certains markets throughout the US.
For example, in Atlanta, only 9 percent of renters can afford apartments built in the past two years, compared with 22 percent of renters for units built in the previous cycle. Still, the report shows, the new supply is absorbing very well with an average of 22 units per property per month from March 2013 to March 2014.
Austin is more affordable than Atlanta, but still, only 22 percent of renters can afford units built in the past two years, compared with 35 percent in the previous cycle.
With rental prices rising this quickly, and properties becoming so full, you truly need to enlist the services and expertise of an apartment finder in the area you want to live in!
Please contact your local apartment expert today, my name is Kathy Curtis, and I have been helping find the best in apartment home living in Clear Lake areas and the entire Houston, Texas area since 1992. Visit AptExpert.com today and let me help you - free!!