Rents rise as would-be buyers wait

By
Services for Real Estate Pros Insurance NPN # 13379201

Tighter lending standards at play

The national picture looks like this: Fewer homes are selling and rents are on the rise. It's a big change from just a few years ago, when home prices were appreciating like mad and everyone wanted to benefit.

"During the housing boom, the 'rent vs. buy' decision became a "buy," Tighter lending standards also are increasing competition for rentals by locking more people out of home ownership.

the average U.S. asking rent rose 1.1% in the second quarter of 2007, to $1,002, 7.74% higher than it was two years ago. The national vacancy rate fell to 5.8% in the second quarter, from 6% in the first.But if rents keep rising and prices keep falling, fearful buyers could slowly become bargain hunters

U.S. cities where rents are rising fastest

Rank

City

Average rent Q2

Change from Q1

Vacancy rate Q2

1

San Francisco

$1,757

3.0%

4.4%

2

San Jose, Calif.

1,473

2.4

3.9

3

New York

2,657

2.1

2.4

4

Seattle

973

2.0

4.5

5

Oakland, Calif.

1,300

1.8

5.0

6

Orange County, Calif.

1,493

1.7

3.5

7

Washington, D.C.

1,301

1.7

4.3

8

Baltimore

945

1.7

5.8

9

New Haven, Conn.

1,065

1.6

4.5

10

Philadelphia

981

1.6

4.2

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Comments (3)

Cristy Smith
mmm - Austin, TX

Thanks for the great stats! Those are always great to know!

Cristy

Aug 12, 2007 02:46 PM
Insurance Solutions
Insurance Solutions Unlimited, LLC - West Palm Beach, FL
Insurance

Great post & good information! Thanks for sharing this.

Apr 27, 2012 07:41 PM
David Cole
David Cole CPA - Orlando, FL
David Cole CPA

Frank- Great information, thank you for sharing. make it a great day!

Apr 27, 2012 07:48 PM