National Median Rent Prices Climb 6.7%, Studio Rental Prices Jump 14.3%
San Francisco - A new report released by HotPads.com, a national housing search engine, shows that rental listing prices across the U.S. climbed 6.7 percent since this time last year.
Studio and five bedroom rentals experienced the most noticeable price hike, 14.3 and 12.1 percent respectively. This is a telling trend which may indicate a growing demand for rental housing among first time renters and larger families.
As previously suggested, built up demand for low risk housing may be due to financial uncertainty and a growing national sentiment questioning the future value of a home purchase.
Checking the local rent-buy ratio may be a more reliable indicator of whether buying or renting makes the most financial sense.
The data in the graphs below was calculated based on the median listing price of 500,000 rentals on HotPads across all major U.S. metro areas.
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National Rental Data June 2010 - June 2011
HotPads.com is the premier map-based real estate search engine, delivering the most interactive and personal housing search experience online. With over 500,000 active rental listings and 3.5 million homes for sale, HotPads.com is one of largest housing search resources in the market today.