Washington, DC in Top Ten: Greater Demand for Rentals = Increased Rental Prices
Rent prices are increasing in some markets in 2007. A fair number of people are delaying the purchase of homes as they're being market-cautious, are unable to qualify for a mortgage, want to build up a good downpayment and for other reasons. So, they need to rent, and this is causing rental vacancy rates to fall and rent pricing to increase.
The top 10 markets where rents have risen the most, average rents in the second quarter of 2007 & percentage increase from the first quarter of 2007:
1. San Francisco, CA, $1,757, 3 percent
2. San Jose, CA, $1,473, 2.4 percent
3. New York City, NY, $2,657, 2.1 percent
4. Seattle, WA, $973, 2 percent
5. Oakland-East Bay, CA, $1,300, 1.8 percent
6. Orange County, CA, $1,493, 1.7 percent
7. Washington, DC, $1,301, 1.7 percent
8. Baltimore, MD, $945, 1.7 percent
9. New Haven, CN, $1,065, 1.6 percent
10. Philadelphia, PA, $981, 1.6 percent
Source: BusinessWeek Online, Maya Roney (07/19/07)
So, if you're doing a rent-buy consideration/comparison, perhaps buying will come out the better of the two depending on your specific market - and situation. The help of a qualified Realtor can be a strategic short-cut to your answer. Look at the long-range and don't forget to include the tax incentives of buying. Happy renting or buying!
Ken
Ken Courtade, Yes I Ken!, ABR, GRI, CRS, Ken Courtade, ABR, GRI, CRS, Yes I Ken!, Keller Williams, Arlington, VA, Northern VA, DC, MD, VA
www.KenCourtade.com
703.981.4646
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