Landlords regaining power over tenants

With foreclosures continuing to be prevalent in many parts of the country and mortgages becoming tougher to get, more people have turned to renting. But as the Associated Press reports, those waves of renters have driven up apartment prices across the country.

According to the report, the nationwide rental average has increased for each of the past five quarters, as higher demand allows landlords to boost prices as quality apartment openings become more scarce.

At the same time, the source says landlords are also cutting concessions that were common in past months, such as a few months worth of free rent.

In some cities, the increases have been sharp and drastic. One Manhattan family told the source that their rent has jumped more than 10 percent and there's no room for negotiation. The family says they will need to move after living in that apartment for more than a year.

Higher rents may lead some people to look through Houston listings for affordable properties. A report earlier this year by Demographia ranked Houston homes as the 15th-most affordable in the county.

Courtesy of 2M Realty News