(Justin Sullivan/Getty Images)
(ATLANTA BUSINESS CHRONICLE) -- The cost to rent an apartment has jumped more than industry watchers expected as big increases in home prices have priced many families out of the housing market.
The increase represents a turnaround from the past several quarters when it appeared that rent growth was slowing, reflecting falling demand for apartments as more families decided to buy homes, reports The Wall Street Journal.
The paper says the national average monthly rent in the third quarter was $1,073, up 1 percent 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 percent. None of the 79 markets tracked by Reis saw rents fall, the WSJ said.
The WSJ said Atlanta saw its rents climb 2.9 percent from the prior year to an average of $809. Its vacancy rate is 6.2 percent.
(Atlanta Business Chronicle)