Millennials Driving Up Rents Across U.S.

You can blame millennials for something new this morning: higher rents. Apartment rents are expected to rise 3.3 percent this year to an average of $1,161 per month, according to commercial property firm Reis Inc. That’s on top of a 14 percent increase since 2010. Prices are rising sharply thanks to a surge in demand by young people who are finally finding jobs and moving out of their parents’ homes. When they move out, many are choosing to rent apartments instead of buying homes. Not that landlords aren’t to blame: 80 percent of the 238,000 new apartments in America are “high-end projects aimed at renters willing to pay a premium for amenities like gourmet kitchens and concierge service,” the AP reports.