The pace of rent growth for U.S. apartments is accelerating despite an uptick in construction of new dwellings, as the economy steadily improves and vacancies remain stubbornly low.
Rental rates increased 1% during the third quarter to an average of $1,111 a month nationwide, according to Reis Inc., a real estate research firm that collects data on 79 U.S. metropolitan areas. That was up 3.3% from the same quarter a year ago. Last quarter’s 1% increase was faster than the second quarter’s 0.9% rise.
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