Property managers in the U.S. are raising rents - possibly by as much as 8 percent next year - as demand rises and vacancies fall, a new survey from property rental website Rent.com found.
"An overwhelming 88 percent of property managers raised their rent in the last 12 months, and there does not appear to be any signs of stopping," the survey of more than 500 U.S. property managers who used Rent.com found.
Of the property managers surveyed, 68 percent estimated rents would rise next year, with an average forecast of 8 percent next year, up from the 6 percent increase forecast in 2014 . The median asking rent in the U.S. rose by 6.2 percent from $756 a month in the second quarter of 2014 to $803 in the second quarter of this year, data from the U.S. Census Bureau show.
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The primary reasons cited for the latest rises were increasing demand and low inventory. Vacancy rates for rental housing nationally dropped to a 20-year low of 6.8 percent in the second quarter, down from 7.5 percent in the year-earlier period, census data show.