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How do you find high-rise apartments for rent?

A:

Quick Answer

Users can search for high-rise apartments in selected cities at the Simpson Property Group's online portal. They can also scour Trulia for additional high-rise rental apartments.

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Full Answer

The number of high-rise residential buildings in cities across the United States increased between 2012 and 2016, notes Property Management Insider. Recent projects, as of January 2016, include two properties in Minneapolis, Grant Park and the Carlyle; the One Light Tower in Kansas City; and 432 Park Avenue in New York City. Other cities where prospective renters and buyers can find recently constructed high-rise residential buildings include Phoenix, Portland, Charlotte and Tampa.

Despite the construction boom, rents have inched upward at the rate of 4.6 percent annually, reports CNBC. Reasons for the increases include factors such as an improving economy, a tighter labor market, rising incomes and low vacancy rates. Only the pricier end of the rental market has seen increasing vacancies, primarily because developers have focused virtually all of their attention on high-end apartments.

Rising rents have precipitated an increase in the number of families spending more than a third of their income on rent, warns CNBC. The number of families using more than half their income for rent has also risen, from 7.5 million to 11.4 million, in the period between 2005 and 2015.

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