Bloomberg: Apartment rent increases slowly amid construction boom

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by Jane King / Bloomberg

Bloomberg

Posted on April 3, 2013 at 7:31 AM

Updated Wednesday, Apr 3 at 7:31 AM

Good news if you're renting an apartment: the pace of rent hikes is slowing down. Real estate company Reis says that rents increased last quarter at the slowest pace since late 2011, thanks to a new wave of construction that's making it harder for landlords to jack up rents much further. Sluggish job growth and lousy pay raises are also making it difficult for landlords to raise rents.

If you're having trouble finding the job you're looking for, here's something that might help. Job search companies like After College, Career Builder and Burning Glass are now using computer algorithms to match people's skills with good job openings. More than 12 million Americans are looking for work, but nearly four million job openings are unfilled.

And a big salary cut for the chief executive at struggling JCPenney. Ron Johnson's total compensation was under $2 million for 2012, compared to more than $53 million the year before.

Investors Wednesday are looking at a private report on March job creation -- ahead of the big monthly government jobs report coming out Friday.

The Dow and S&P Tuesday climbed to yet another record high, thanks in part to a stronger-than-expected report on factory orders.

And when you're feeling down, do you hit the stores and buy a little extra something? A new survey by E-Bates says more than half of Americans shop to improve their mood. The number one item women buy when indulging in retail therapy is clothes. The number one choice for men is food.

 

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