Mainline apartments were going up because of high occupancy. The rent “average” which is a polling of mainline large apartment complexes also report increases.
However, like others pointed out, what’s actually happening may be quite different. In OC, the rents have gone up according to the average, however, that is only after IAC others have added major new developments on the high end.
Like for like units may not. In my townhome complex, I’ve been eyeing another place, the exact same floorplan that is up for rent.
The owner wants 15% more than I’m currently paying in rent. The listing and signs went up early October. The tenant moved out on the last weekend of Oct. It is still empty. The owner has repainted, added new carpeting and looks (through window since it’s empty) like possibly a new stove.
Since he’s two months empty and going, he’s at least 4% below my current landlords rental rate due to vacancy and quickly heading towards 15%.
