Top 10 Highest Rental Markets in 2nd Quarter, 2008
July 5th, 2008 • Related • Filed Under
The rise in rents across the country in major cities is going against the conventional wisdom of the market. You would think with a housing slump that a rents would be going down as inventory increases, but markets such as New York saw rents increase by 7.7% and San Francisco by 9.4%.
Sure you can rent a home pretty cheaply in outer suburbs, but that is why the housing market is crashing. Speculators caused over-development in the outer regions of the major metro markets. But if you want to live in the top cities in the country, expect to pay and then pay some more as rents keep soaring.
Top 10 Highest Rental Markets in 2nd Quarter, 2008
- New York, NY $2,847 a month
- San Francisco, CA $1,825
- Fairfield County, CT $1,757
- Boston, MA $1,646
- Long Island, NY $1,521
- Orange County, CA $1,520
- San Jose, CA $1,504,
- Northern NJ $1,460,
- Ventura County, CA $1,409
- Los Angeles, CA $1,408
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Comment by jp moses | REI Tips on 17 July 2008:
I don’t find it surprising at all that rents would be going up — or at least holding strong — right now.
Rental inventories may be rising in numbers, but so are renters! With so many homeowners losing out to foreclosure, what’s left for them but to find a place to rent? We’ve got more folks needing a place to rent than ever. Supply and demand.
…jp