The nationalmortgagenews tells MHProNews in true supply and demand fashion, the apartment vacancy rate fell to 4.5 percent, it’s lowest level in more than a decade, says Apartments.com, while rents rose 3.8 percent from a year earlier. In a survey of over 1,300 renters, the number of previous homeowners who now choose to rent rose from 33.6 percent in 2012 to 35.1 percent at the beginning of 2013. Respondents cited employment relocation, cost savings, and homeownership expense as reasons for renting, with 14.2 percent stating they are unable to keep up with the costs of homeownership, a rise from 10.5 percent in 2012. Due to economic hardship, 15 percent of the respondents would relocate for employment opportunity while 13.2 percent are currently in the market for a less expensive apartment.

((Photo credit: Homes-for-Rent)