The cost of renting is going up in markets across the country, as the number of available rental units shrinks. According to investment research firm Marcus & Millichap, apartment vacancies fell 0.8 percentage points to a national vacancy rate of 4.4 percent in 2012, almost half that of the recession high, which saw vacancy rates of around 8 percent. Effective rental prices increased nearly 5 percent in 2012 and are expected to increase at similar rates in 2013. Prices may rise even faster than average in major markets with low vacancy rates like New York, Chicago and Los Angeles.

Fueling Factors
The rising cost of rent is fueled by several key factors that make the trend likely to continue for the foreseeable future. During the recession, construction of many new rental developments was put on hold, causing the number of completed units to fall by over 50 percent. While rental unit completions are on track to match pre-recession levels in 2013, the dip translates to fewer units available now. The recession hit young people especially hard, to the point where 31 percent of households had young adults aged 20 to 34 living with parents. As those young adults find jobs and seek independence, and since financial companies tightened up their lending practices, demand for apartments should remain strong.

A Good Time to Buy
While the rental market is on a clear upswing, housing is still in recovery mode. Home prices and sales have stabilized since they hit bottom, but median sale prices remain almost $50,000 below pre-recession highs. Relatively inexpensive homes, low interest rates and increasing rents make it a good time to buy—especially because landlords can increase rent price each year according to the direction of the rental market. When home prices increase, homeowners build home equity that becomes profit if they decide to sell.

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