Apartment rental prices increase during Q1

Apartment rental prices rose during the first few months of 2011.

Property management companies may be witnessing an increase in rental prices across the board, according to a report from TransUnion.

The average rent costs for the United States rose to $865 per month during the first quarter. This was a 4.4 percent increase year-over-year. In addition, the average deposit taken by property managers rose to $292 during the quarter from $279 during the same point in 2011.

"It's not a surprise that rental prices increased in the first quarter as recent industry data revealed that vacancy rates reached their lowest levels since 2001," said Mike Mauseth, president of TransUnion Rental Screening Solutions.

Despite the rises across the country, some metropolitan statistical areas experienced declines in rental prices, the report said. Denver experienced a 8.8 percent decline year-over-year, while Chicago rents fell 4.8 percent and Los Angeles prices slipped by 2.6 percent.

The report added that Atlanta had the only large rise in rental prices, as they increased to an average of $783 from $737 during the same point last year.

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