Apartment prices continue to increase. Price per unit of apartments in the first quarter was $147,257—increasing from $110,380 in the fourth quarter, according to PPR/Costar. However, fewer properties were transacted—2,193—compared to 3,556 in the fourth quarter.
Apartment completions in the top 30 metros more than doubled in the first quarter compared to a year ago, according to data from Marcus & Millichap Research Services. Apartment rents increased by 3.1 percent to $1,156 nationally in the first quarter, while apartment vacancies held steady at 5.1 percent for these metro markets.
Meanwhile, multifamily permits reached their highest monthly reading since late 2007, according to the National Association of Home Builders (NAHB). Permits in April skyrocketed to a seasonally adjusted annual rate of 374,000 units, or 55 percent higher than in the same period last year.
Beware of rental ad scams: Rent Jungle is a rental search engine for apartment hunters and is not responsible for the content of rental listings found on the site. Rent Jungle encourages you to use common sense while apartment hunting. Beware of fraudulent listings. Click here to learn about common scams.