Rents Rise as Housing Prices Sleep
According to Trulia Inc., the National Association of Realtors (NAR) reports in RealtorMag rents increased five percent over the last 12 months as the asking price for homes declined 0.7 percent, reflecting a continuing stall in the homes-for-sale market. Reis Inc. says the rental vacancy rate fell to its lowest point in eleven years. The median rent nationally was $1,350 in March, an increase of $65/mth over last March, and is reflected in increases in metropolitan areas where many people lost their homes. MHProNews.com has learned rents are up 12.9 percent in Sarasota, Fla., 12.1 percent in Miami, 11.1 percent in San Francisco, 10.6 percent in Middlesex County, Mass. (outside Boston), and 10.5 percent in Edison, NJ (outside NYC).
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