Nationwide Rent Increasing

Nationwide rent is going up 5.3% which has been the highest rate in 6 years. Renters are being squeezed with higher energy prices and moderate growth wage. The driving forces behind the hikes is:

• Job Growth, with 4 million new jobs generated has caused need for rentals.
• Rising Home Prices, have increased 12 time higher than rent and has forced people to rent instead of buy a home.
• Condo Conversions, with the increase of conversion have kicked renters out and causing a shortage of apartments and construction being down.
• Hurricane Katrina, had many renters that are still displaced which has put additional pressure on rentals through the country.