Rent Prices Continue to Rise Faster than Asking Prices: Seattle #5 in Country

Rent prices are climbing faster than asking prices and are rising in metros where asking prices are falling, according to a report from Trulia.
Rent Prices Continue to Rise Faster than Asking Prices: Seattle #5 in Country
Year-over-year, nationwide rent prices were up 5.1% in October, while asking prices were up 2.9% during the same period when including foreclosures. Out of the top 25 rental markets in the United States, Houston led with a 16.5% yearly increase. Miami and Oakland took the next two spots with a 10% gain in rent prices, Trulia reported. Denver was ranked number 4 with a 9.4% increase and Seattle fifth for its 8.8% improvement.
The trend was reversed in Las Vegas, where asking prices were up 10.9% from October 2011, while rent prices moved downward by 1.8%. In Memphis, rent prices were also down, falling 0.6%, yet asking prices increased 7.1% over a one-year period.
Overall, most metros saw rent prices and asking prices increase. Out of the 100 largest metros, 69 took part in the yearly gain in asking prices. “In markets like Denver, San Francisco, and Oakland, where prices and rents are both rising, higher prices mean higher down payments, but rising rents make it harder to save enough,” said Jed Kolko, Trulia’s chief economist, in a release.
When tracking asking price increases among metros, Phoenix led with a reported 24.9% yearly gain. Cape Coral-Fort Myers, Florida ranked second with a 15.7% increase, followed by San Jose (12.7%); Warren-Troy-Farmington Hills, Michigan (11.8%); and West Palm Beach, Florida (11.3%).

No Comments Yet.

Leave a comment