Apartment Rents Climb as Vacancies Drop

Apartment rent continues to rise in 2014 with an increase of 0.6% in the first quarter, according to data from 79 U.S. metro areas. This growth in rent is expected to continue over the next few years as a result of falling vacancies. Employment is rising and as a result young people are beginning to establish their own households. The cost of buying a home has also risen recently as a result of higher interest rates and rebounding prices. The rise of rent has most drastically impacted young people in the workforce. This demographic has experienced job growth, but they are still below where they were before the recession. The issue at hand is illustrated in California's Silicon Valley, where there is rising employment and a lack of housing. Lyle Burlingame, a 29 year old employed in Belmont, California, has struggled with his living situation. He is currently looking for his third residence in less than a year. This problem is expected to continue into the future, and will continue to cause issues for young professionals and others looking to rent apartments.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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