Conflicting stories? Or just a wacky economy?
The Wall Street Journal has a piece, “As Home Rents Head Higher, Owning Regains Its Appeal,” that says, well, this:
Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge, say economists and real-estate agents, helping what appears to be a good start to the housing industry’s all-important spring selling season.
Meanwhile, Reuters is quoting a Reis study that found that the U.S. apartment-vacancy rate fell to its lowest level in a decade:
The U.S. apartment vacancy rate in the first quarter fell to its lowest level in more than a decade, and rents posted their biggest jump in four years, as Americans eschewed home ownership and renting retained its popularity. (Emphasis mine.)
So which is it? Or, perhaps, it’s more proof that everyone’s guessing about what’s causing what, why people are doing what they’re doing, and what’s going to happen next.