Apartment Rates Rising

According to Michael Belnick, apartment specialists, costs of apartment rentals are being driven upward because of the increase of new condo developments and homes being moved on the market. Belnick released stats that show there is a record low vacancy rate for apartments.

This low vacancy rate is caused by real estate developers buying up apartment complexes and converting them to condos or condo-hotels.

According to the stats, there were 150 apartment complexes sold in the first quarter or 80 fewer properties than last year. Prices are now $10,000 a unit more expensive than a year ago.