Apartment rents in the county increased 2.49 percent in the last six months while vacancies decreased 1.38 percentage points as homeowners lost their properties to foreclosures and renters found themselves unable to buy, according to the Union-Tribune.
MarketPointe Realty Advisors said in its semiannual survey of 804 large apartment complexes with a total of 115,576 units that the average rent this month stood at $1,344, up from $1,312 in the March survey and $1,291 last September.
MarketPointe President Russ Valone said the rental increase was the largest in recent years and likely to increase further.
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