When First Time Buyers are forced out of the market by too high prices and rising interest rates the market slows. Rates aren't coming down anytime soon so prices must. It's a Bear market !!!
Apartment Rents Up Dramatically
(June 15, 2006) -- Apartment rents rose faster during the first quarter than they have in five years as rising mortgage rates pushed potential buyers out of the market.
The average rent was a record $952 a month, a 5 percent gain from a year earlier and the largest percentage increase since 2001 when rents rose 8.3 percent in the first quarter.
The top rental market in the country is Miami, where the vacancy rate is 1 percent, according to M/PF YieldStar, a Carrollton, Texas-based research company. Fort Lauderdale, Fla., is No. 2, at 1.7 percent. Cincinnati and Cleveland are at the bottom of the company's ranking of 57 markets, with vacancy rates of 9.5 percent and 9.2 percent, respectively.
Source: Bloomberg News (06/15/06)
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