U-Pack is the quick, convenient
way to move long distance.

U-Pack Long Distance Moving

Get a free moving quote!

It's fast & easy - no obligations

Apartment rental rates may soon rise

Apartment rates set to rise, according to CNNMoney.

Apartment rates set to rise, according to CNNMoney.

As the apartment market continues to experience its up and downs, people planning on moving into a new complex may soon see rental rates rise.

According to CNNMoney, rent hikes in the double-digits may be in the not-too-distant-future.

"The demand for rental housing has already started to increase," said Peggy Alford, president of Rent.com, in an interview with CNNMoney. "Young people are starting to get rid of their roommates and move out of their parent's basements."

Alford also told the news service she expects vacancy rates to be at 5 percent in 2012, which will send rental rates through the roof.

As far as which markets will be the most sought after in the coming years, Alford told CNNMoney that she expects the San Diego, Seattle and Boston markets will increase rates by 31 percent, 29 percent and 25 percent, respectively.

Other parts of the country are already seeing apartment rent hikes. Last month, Gregory Mutz of AMLI Residential told the American Statesman newspaper that people living in his apartment units in Austin will see rates rise between 4 and 12 percent in the coming months.