As the housing market cools down across the US, economists say rental prices could be set to rise. Declines in residential-construction activity and rising interest rates are expected to compound historic housing shortages across the country, pricing an increasing number of Americans out of the market.

Meanwhile, reduced mortgage-interest deductions and new caps on state and local tax deductions have reduced incentives for Americans to own homes. Many economists expect the housing market to continue to slow, which could drive more Americans to rent instead. Apartment vacancy rates have fallen to 5.6% in the third quarter of 2018 from 5.9% last year, according to Real Capital Analytics, a research firm.

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