Annie Ierardi works from home in a Nashville, Tennessee, building that’s adding apartments as waves of young workers flock to a city flush with jobs, music and ambition. Amid noise and disruption, she can’t imagine leaving.
U.S. apartment rents probably will rise 3.3 percent in 2014, little changed from last year, as the most construction in a decade boosts vacancies and limits landlords’ ability to increase rates more, Reis Inc. said.
Hector Pineda spends 60 percent of his income renting a $1,500-a-month apartment for his family in Alexandria, Virginia. With housing around him slated to be torn down and replaced by pricier units, the 33-year-old cook worries his rent will go up or his building too will be demolished.