Apartment,Rental,Gaining,Popul business, insurance Apartment Rental Gaining Popularity in Boston
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This is due to a myriad of economic factors including therelatively bleak outlook on the global economy nowadays.The poor economy alsomeans that people prefer to able to move more easily if a job opportunityarises in a new city.Due to these factors as well as the decline in the housingmarket, rental rates across the country have been steadily on the rise.Thelatest available data from the Labour Department recorded a 2.4% increase inrental rates in January as compared to one year ago.The data reflects that thecurrent high demand for rental homes has been consistently on the rise.Peopleare also more reluctant to move out of their existing apartments.This has beenshown by the fact that the amount of vacancies has fallen to an all-time low in10 years, at just 5.2%, according to a report in RIS Media.The biggest recordedincrease in apartment rents is in urban centres with hi-tech industries such asAustin, Boston and San Francisco.Boston, in particular, has seen the demand forits apartments rise enormously in the recent years.One of the reasons for thisis the increase in hi-tech companies in existence in the area which hasresulted in a growing demand for more workers.All of this means that the cityis a particular hotspot for most people to choose to move to and RentApartments in Boston.Looking closely at the figures provided in the earlierparagraph, it is possible to infer that one of the key factors behind theincreasing rents in the US is that new apartment construction has not been ableto keep up with the high level of demand.This means positive news forlandowners as a limited apartment supply means that they have been able toraise rents by up to 5% in San Francisco.The New York Times provided furthercredible evidence of the increase in demand for rental homes.It reported thatby the end of 2011s fourth quarter, approximately two million more householdswere renting in comparison to 2004.In one of its latest published articles, RISMedia reported that the majority of these new renters had actually owned homesprior to renting apartments.According to a poll comprising of several thousandrental property occupants, recently conducted by an online apartment trackerwebsite, just over a third of them used to own homes.This figure differsconsiderably from the 20.5% recorded in a similar survey conducted in theprevious year.The spokesperson for the online apartment tracker has expressedhis opinion of the considerable difficulty one can come to expect these days intheir search for an apartment to rent.
Apartment,Rental,Gaining,Popul