NAR: Apartment Rents Up From A Year Ago

The latest REALTORS® Confidence Index hit the newsstands* this morning.  The study’s focus on residential markets also carried a bit of a bright spot for the multifamily building sector: rents are reported to be higher than they were this time last year.

Realtors® Continue to Report Rising Rents for Residential Properties

Higher residential rents in February compared to a year ago were reported by 51 percent of Realtors®, up from 44 percent a year ago. Lower rents were reported by 11 percent of Realtors®, down from 17 percent a year ago.

The findings support a trend spotted earlier in the year, when  rents were found to have risen year-over-year in December 2011.

Of course, all real estate is local and your mileage may vary.  What are apartment rents doing in your neck of the woods?

*As a service to younger readers: a “newsstand” was an early device that held numerous pieces of paper containing yesterday’s news.