According to a new report, rental vacancies are at a low not seen since 1985 and the prospects for the future for rental property owners are bright.
Vacancies in the second quarter of 2015 were 6.8 percent based on U.S. Census data, down from 7.5 percent in 2014.
According to the report, multiple applicants are vying for the same apartments and owners are raising rents. Tenants, especially Millennials, are facing a challenging job market and high student debt which will likely result in them remaining tenants longer than previous generations.
For more on the report, check out Curbed Chicago here.