Apartment Market Still Rising

The for-sale sector of the housing market may be in disarray, but the apartment segment is holding up fairly well. Rental rates increased 1.9% on the average nationally last year, from $1,082 to $1,103, according to Realty DataTrust. Scottsdale. During the same period, vacancies dipped from 5.4% to 5.3%, the company said. On a square foot basis, the average rental rate increased from $1.20 a foot to $1.21, an 0.8 percent gain. The findings are based on data collected from nearly 100 property management companies that control some 900,000 apartment units. According to the company, it acquires data automatically from each company as reports it as an aggregated total. The company's website is www.realtydatatrust.com.