Due to the high unemployment that is driving many would-be renters to move in with family members or double up, apartment vacancies have increased. In the fourth quarter of 2009, they hit a 30-year high. The result is that the price of apartments is more affordable now than it has been in recent years. A recent report from RealFacts indicated that the monthly nationwide average cost of apartments is now $933 down more than $60 from just last year.

If you are looking for an apartment you’ll find a lot of rental opportunities and in some cases, contrary to conventional wisdom, renting may be a more viable option than buying a house. Furthermore, rental agents and owners are offering lots of incentives for moving in such as one-month free rent or savings anywhere from $200 to $500 to sign a lease on a first visit. Some landlords are even offering free rug shampoos, painting accent walls and even giving out Starbucks cards.

How long the cost of renting apartments will remain affordable will depend on the economy recovering. Some industry analysts estimate that apartment vacancy rates, which reached a record high of 7.4 percent in 2009, will decline as employment picks up. In fact, some predict rental rates could even double as the economy improves because apartment building construction has been hard hit.

Comparative regional costs

RealFacts overview of the cost of apartments from coast to coast in December 2009 indicated considerable declines from this year to last in many major markets.