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Daily Real Estate News  |  July 20, 2007  |   Higher Demand for Rentals Drive Up Prices
As people put off buying homes either because they're cautious about the market or unable to qualify for a mortgage, they're increasingly turning to rentals. Indeed, rental vacancy rates are falling and rents are going up.

In markets where home sales have remained relatively strong, average rents have jumped as much as 3 percent in the last three months.

Here are the top 10 markets where rents have risen the most, including the average rents in the second quarter and the percentage increase from the first quarter:

1. San Francisco, $1,757, 3 percent
2. San Jose, Calif., $1,473, 2.4 percent
3. New York City, $2,657, 2.1 percent
4. Seattle, $973, 2 percent
5. Oakland-East Bay, Calif., $1,300, 1.8 percent
6. Orange County, Calif., $1,493, 1.7 percent
7. Washington, D.C., $1,301, 1.7 percent
8. Baltimore, $945, 1.7 percent
9. New Haven, Conn., $1,065, 1.6 percent
10. Philadelphia, $981, 1.6 percent

Rents aren't rising everywhere, however. In some markets where the inventory of houses on the market is large, home owners who can’t sell are competing to rent out their properties and driving rents down.

Source: BusinessWeek Online, Maya Roney (07/19/07)

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