Landlords across the country have been raising rents at unaffordable rates as renters’ incomes struggle to keep up with costs, but an increase in the number of new apartment units being built may prevent rents from going up too much more this year, the Wall Street Journal reported.
Rents rose by 3.6 percent in 2014 and the apartment vacancy rate was near its lowest level since 2001 at 4.2 percent. However, the number of newly-built units reached its highest number in 13 years and more units are slated to be constructed in 2015. As a result of the increase in available units, demand won’t exceed supply and should help prevent landlords from increasing rents too much.
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