First the quarterly sales reports head back toward normal, and now rentals? Evidence from local brokerages over the past few months has suggested rents are on the way up, and now the Wall Street Journal cites a report from research firm Reis Inc. showing the same. The Reis report indicates a first-quarter rent increase of 0.9 percent for New York, even taking concessions into account. (And vacancy, by Reis's count, stayed flat.) Of course, say assorted experts, that doesn't mean the rental market is totally back in growth mode, especially in new buildings where developers have construction loans to pay off. But Reis's research director thinks "Deterioration seems not to have just been arrested but reversed." So is the renter's market over?!
· Apartment Rents Rise as Sector Stabilizes [WSJ]
· Rental Market Report coverage [Curbed]