Rental prices improve during August

Rental prices rose during August.

Some property management companies experienced an improvement in rental prices during August, according to a report from TransUnion.

Rental prices rose 1.1 percent to $886 during August, from the same period 12 months earlier, when it was $876. Security deposits fell that month, as the latest figure was $301, which was nearly $20 lower than the previous level of $319, recorded in August 2011. Security deposits rose for Class D properties, as it increased a total of $36 in that time period.

"August is generally one of the busiest months of the year in the rental market, driven primarily by students returning to their respective colleges and universities," said Steve Roe, vice president for TransUnion's rental screening business unit. "These two property types experienced the greatest year-over-year percentage increases in their rental prices."

Class A properties experienced a 1.7 percent increase in rental prices year-over-year, while Class B dropped by 0.7 percent during that same period, the report noted. Class C properties rose 2.6 percent, but it was Class D that had the most sizable gain, totaling 7.3 percent.

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