Rent on the Move as Income Stays Put

According to data from real-estate research firm, Reis Inc., average monthly rent for U.S. apartments increased to $1,099, a 0.8% increase from the first quarter. The rising rent, a sign of economic recovery, has been most obvious in West Coast cities like Seattle, San Francisco and San Jose. Also posting strong growth are some eastern cities such as Charleston, Nashville and Palm Beach. However, household incomes are lagging behind rent growth. 

In addition to increased rent, there has been an increase in demand for apartment rentals. One reason for this is younger renters’ desire to live in urban areas. Also, the new, strict lending standards for mortgages have been forcing once potential homeowners to rent instead. The rate of apartment vacancies remained the same nationally indicating that the supply of apartments may be catching up with the increased demand and that rent growth has the potential to stabilize. 

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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