Apartment Rents Rise As Vacancies Stay Flat

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After more than a year of declines, rents for apartments rose during the first quarter. Residents of Miami, Seattle and New York experienced some of the highest rent hikes, according to The Wall Street Journal. Analysts say many people who could afford to buy are opting to stay put in their rentals instead.

STEVE INSKEEP, host:

NPR's business news starts with a turnaround in apartment rents.

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INSKEEP: After more than a year of declines, rents for apartments rose during the first quarter. Residents of Miami, Seattle and New York experienced some of the highest rent hikes, according to The Wall Street Journal. All those people who got out of the housing market, the home-buying market, have to live somewhere. Analysts say many people who could afford to buy are opting to stay put in their rentals instead.

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