The price of rent goes up as the number of vacancies go down.

In today’s market it has become increasingly harder for most people to obtain a home loan and many people who have mortgages are having problems keeping their homes. This is one of the main reasons that the number of rental vacancies have dropped nationally this year from 8% in the first quarter to 7.8% at the end June. This may not seem like a big problem, but the drop in vacancies has caused a 0.7% increase in rent since April making this the largest quarterly gain in two years. As the number of vacancies continue to dwindle rent will continue to rise at a higher pace.

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