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Daily Real Estate News | April 7, 2008
Rent Keeps Getting More Expensive
Average rents for U.S. apartments rose 1 percent in the first three months of 2008.
This was the 24th consecutive quarter that rental property rates have risen, according to New York-based real estate research firm Reis Inc. The last time rents fell was the first quarter of 2002, when they declined by 0.2 percent, according to Reis.
A soft housing market beset by stricter loan terms and falling home prices is the "dominant driver" pushing people to rent apartments, said Sam Chandan, chief economist at Reis.
New York had the highest average rent at $2,790 a month, followed by San Francisco at $1,801, Fairfield County, Conn., at $1,759 and Boston at $1,620, Reis said.
Source: Bloomberg News (04/05/2008)
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