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Apartment demand heats up

Rising home prices make multifamily living more attractive

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According to the Wall Street Journal, rising home-buying costs are pushing people into apartments, causing landlords to pass along hefty rent increases this summer.

The average monthly rent in the third quarter was $1,073, up 1% from the prior quarter, the largest quarterly gain in a year, according to a report to be released Tuesday by Reis Inc., a real-estate research firm. Compared with the third quarter a year ago, average monthly rent was up 3%. None of the 79 markets tracked by Reis saw rents fall.

Source: WSJ
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