If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

If you are looking to rent instead of purchase as the real estate market goes through its correction in your region, it is a good idea to keep an eye on rental prices. New YorkCity has the highest apartment rental rate in the country, followed closely by San Francisco.

To make the situation even more rough when you look at New York City rents it includes all 5 boroughs (Manhattan, Queens, Brooklyn, Staten Island, and the Bronx). If you just look at Manhattan, rental rates are an amazing $48.33 per square foot.

Top 10 Most Expensive Rental Markets in 2006

1. New York, N.Y. Class A* $27.84 Class B** $18.31
2. San Francisco Class A $27.17  Class B $19.91
3. Los Angeles   Class A $25.12 Class B $18.39
4. Boston Class A $25.08 Class B $17.49
5. Honolulu, Hawaii Class A $24.91 Class B $17.69
6. Northern New Jersey   Class A $23.35 Class B $15.80
7. Stamford – South Connecticut  Class A $23.22 Class B $14.30
8. Nassau – Suffolk, N.Y. Class A $22.40 Class B $16.66
9. Orange County, CA Class A $21.71 Class B $17.94
10. San Jose, CA Class A $21.47 Class B $17.51

* Very high quality, desirable buildings that are beautifully maintained and managed, according to building cost data company Marshall & Swift. ** Not the best buildings, but functional and decently maintained and managed, according to building cost data company Marshall & Swift.

Via Forbes

Other Posts You May Be Interested In:

• Zell Sells Equity Office Properties To The Blackstone Group for 20 Billion
• Senior Housing Expectations Are Changing As Baby Boomers Head to Retirement
• Mike Ready, Real Estate Agent, Tells an Interesting Story of Perseverance
• Trends in Housing For 2008 - Home Office Leads the List.
• As Housing Market Slows, Brokers Using New Tools To Attract Listings