A bit of good news comes in the form of a tip for commercial practitioners in the multi-family property market: December 2011 saw the average apartment rents in the US rise year-over-year, according to NAR Research’s REALTORS® Confidence Index.
The Index, or RCI, is the result of a random sample taken monthly of thousands of REALTOR® responses on the state of the housing market. The responses are to three basic questions:
- How would you describe the current housing market in your region?
- What are your expectations for the housing market over the next six months in your region?
- How do you rate the traffic in your region?
The “selected comments” section of the report (download the full report PDF here) announces that rents are up somewhat from this time last year.