The Real Deal Miami

US sees rental market hold steady 

July 07, 2008 08:28AM

U.S. rental apartment building vacancies remained unchanged at 5.9 percent and rents increased by 1.1 percent in the first quarter, more than expected, according to real estate research firm Reis Inc. Landlords are competing with the “shadow market,” as owners of unsold homes rent them out. “Rental demand hasn’t really picked up in relation to the falling home sales, which implies that people are doubling up or tripling up or moving back with their parents,” said Lawrence Yun, chief economist for the National Association of Realtors. Rents decreased in some markets, including Miami and Palm Beach, Fla. Vacancies fell in Fort Lauderdale and rents increased 1.5 percent in Orlando.