The rise in rents across the country in major cities is going against the conventional wisdom of the market. You would think with a housing slump that a rents would be going down as inventory increases, but markets such as New York saw rents increase by 7.7% and San Francisco by 9.4%.
Sure you can rent a home pretty cheaply in outer suburbs, but that is why the housing market is crashing. Speculators caused over-development in the outer regions of the major metro markets. But if you want to live in the top cities in the country, expect to pay and then pay some more as rents keep soaring.
Top 10 Highest Rental Markets in 2nd Quarter, 2008
New York, NY $2,847 a month
San Francisco, CA $1,825
Fairfield County, CT $1,757
Boston, MA $1,646
Long Island, NY $1,521
Orange County, CA $1,520
San Jose, CA $1,504,
Northern NJ $1,460,
Ventura County, CA $1,409
Los Angeles, CA $1,408
via Bloomberg
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Source: Featured