As home sales slow down, people are still needing a place to live. This pressure on the rental market is creating a rapid increase in price across the country. Add to that the inabilty of renters to get subprime and alt-a financing is increasing the pressure on the rental market.
So moving forward we should expect to see the continued rise in rental rates across the country until the renters rates and the price of housing find an equillibruim.
Top 10 Rental Markets With Fastest Rising Rates, 2nd Quarter 2007
- San Francisco, CA $1,757 - 3 % Increase
- San Jose, CA, $1,473 - 2.4 % Increase
- New York City, NY $2,657 - 2.1 % Increase
- Seattle, WA $973 - 2 % Increase
- Oakland-East Bay, CA., $1,300 - 1.8 % Increase
- Orange County, CA, $1,493 - 1.7 % Increase
- Washington, D.C., $1,301 – 1.7 % Increase
- Baltimore, MD $945 - 1.7 % Increase
- New Haven, CT. – $1,065, 1.6 % Increase
- Philadelphia,PA $981 – 1.6 % Increase
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{ 3 comments… read them below or add one }
Suprised to see New Haven made the list…
There is always a niche for savvy real estate investors. Investing in foreclosures, using short sales, and converting these properties into rentals, or lease option. Investors need to explore every way to offer full or partial owner financing to sell properties.
I am also very surprised to see this list