The National Association of Realtors recently predicted that we’re going to start seeing an increase in apartment rent across the country.
Lawrence Yun, their chief economist recently said:
Apartment rent increases are expected to accelerate from job creation leading to new household formation, particularly among the young adult population who will seek their own housing arrangements — many will be leaving their parents’ homes, or choose to live with fewer roommates,
Apparently, rent is supposed to increase by 3.4% this year, which means that if your rent is currently $600/month, you can expect an estimated $20.40 increase sometime soon.
While that amount isn’t a huge deal when it’s measured by itself, once you consider the increases in gas prices, groceries and other necessities, increased rent is the last thing Salt Lake City apartment-dwellers want to see.
What about you? How much would your rent have to go up before you’d look for a new place to live?