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Economy for Rent Propelling Gains in U.S. Housing, Inflation

Builders and landlords are in for better times as more American households opt to live in apartments.

Housing starts rose 9.8 percent in June to a 1.17 million annualized rate as construction began on the most multifamily units since 1988, Commerce Department data showed Friday in Washington. An increase in consumer prices last month was driven in part by rising rents, according to Labor Department figures.