Every Landlord\'s Legal Guide (Book w/ CD-Rom) Refugees from the owner occupied sector is putting upward pressure on rents. Landlords are enjoying the state of the nation’s current housing market. The National Association of Home Builders’ second quarter 2007 Multifamily Market Outlook said the nation’s median asking rents for all rental units completed during the third quarter 2006 was a median $1,052 per month, breaking the previous high of $1,025 set during the second quarter of 2004. Asking rents nationwide for existing apartments were also at or near all-time highs — $665 during the second quarter of 2007, $6 higher than in the previous quarter and $40 more than a year ago. Based on moving averages, asking rents are $21 higher than the previous all-time high of $973 set in 2004, according to NAHB. NAHB said some of the increase is due to local economic conditions, including the tight owner-occupied market, but some of the increase is due to more spacious rental housing — larger units costing more to rent.

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