(MoneyWatch) Rents across the nation are creeping up. But in some cities they're not rising slightly so much as skyrocketing.
Although the average rent across the U.S. is $1,231 per month, in certain areas it can be triple that number. Landlords can afford to charge such daunting prices because there are so few apartments available in high-demand cities.
"We're experiencing some of the lowest national vacancy rates since the mid-80s," ApartmentList.com CEO John Kobs said.
The rental vacancy rate has been falling over the past few years. In 2009, the vacancy rate was 12.3 percent, but it fell this past year to 9.3 percent, according to the National Multi Housing Council. And it doesn't look like this trend will change anytime soon. –CNN News 09/2014