In 2014, Smaller Cities Saw The Biggest Rent Increases

In 2014, Smaller Cities Saw The Biggest Rent Increases.jpg

With vacancies at near historic levels, the cost to rent an apartment rose for its fifth consecutive year in 2014. While across the nation rents increased an average of 3.6% last year, rent growth was particularly strong in small cities. In Denver, average rents were up 7.9 percent; in Charleston, S.C. they rose by 5.5 percent, and in Raleigh N.C., rents rose by 4.8 percent. Normally, national rent increases are reflected in the country’s largest cities like New York and Chicago, however these cities have seen much smaller rent increases in recent years due to plenty of new construction.

Forecasting for 2015, many economists predict only minor changes in the U.S. apartment market. Vacancy rates are expected to increase only slightly as strong. The demand will be fueled mostly by continuing renters who are unable to qualify for a mortgage or buy a home, along with emboldened new renters who are able to move out of their parent’s houses or into apartments without roommates. Demand from these two groups means rents will most likely continue to rise, albeit at a slower pace, as new supply comes online. 

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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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