Rents surge again, vacancies drop

Rising rents have made buying a home more attractive. An article on Wednesday underscores the dynamic as Reuters reported that renting became more expensive and vacancies hit a 10-year low.

The vacancy rate was 4.7 percent, and asking rents increased to $1,091 a month, according to the report.

The rent increases were not just limited to big, urban areas, either. The report notes that mid-sized cities were seeing the increases as well.

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About Jon Broadbooks

Jon Broadbooks is Director of Communications for the Illinois Association of REALTORS®. He supervises and carries out the implementation of the communications programs for the Association. He directs and supervises the Communications staff. He is responsible for coordinating and implementing the public relations and media relations efforts for the Association and acts as spokesperson and liaison to the statewide news media. He serves as editor of online and print content for IAR communications including the Illinois REALTOR® magazine and e-newsletters. He conducts IAR spokesperson training seminars and oversees the operation of website development for the Association.