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Apartment rates set to rise in Texas, nationwide

More people are renting apartments, according to nationwide survey.

More people are renting apartments, according to nationwide survey.

For people planning on moving to the Austin, Texas, area, it's a mixture of good news and bad news, both having to do with growth. The good news is that more people rented or leased an apartment in Austin last year than any other year, signaling a recovery to the area. The bad news is that the growth rate will likely trigger hikes in apartment rental costs.

In an interview with the American Statesman, Gregory Mutz said he expects apartment rental rates to rise between 4 and 12 percent in 2011 for people living in one of his apartment units. Mutz is the CEO for AMLI Residential. AMLI is a nationwide apartment owner with complexes in 65 communities throughout the U.S.

Mutz tells the paper the price increase is due to the increased demand for Austin-area apartments, the company's most thriving region.

Apartment rental hikes aren't exclusive to Texas. According to the Marcus & Millichap National Apartment Report, all 44 markets they surveyed nationwide will post increases in apartment rental rates this year.