Thursday, September 11, 2014

The "There is No Inflation" Report: Rents Are Up Over 8%

A combination of rent controls and Fed money pouring into the greater Silicon Valley area is pushing rents through the roof in Northern California.

The cost of renting an apartment in Northern California is rising more quickly than anywhere else in the country, according to a new Trulia report.

The second and third highest increases in the nation belong to San Francisco and Oakland, which jumped to 14.5 and 14.4 percent respectively in August from the year before.

Trulia reported the median monthly rent is San Francisco is now $3,500, tied with New York City for the highest among metropolitan areas in the country.

Across the bay, the median rent in Oakland comes in at $2,600 a month.

The Sacramento metro area leads the list with a 14.9 percent hike in rent.

Nationally, the month-over-month increase in asking home prices rose to 1.0% in August, up a bit from 0.7% in July. Asking prices rose 7.8% year-over-year,

 At the local level, asking prices rose year-over-year in 96 of the 100 largest U.S. metros.

Rent Trends in the 25 Largest Rental Markets
#U.S. MetroY-o-Y % change in rents, Aug 2014Y-o-Y % change in rents, May 2014Median rent for 2-bedroom, Aug 2014
1Sacramento, CA14.9%8.0%$1,250
2San Francisco, CA14.5%15.1%$3,500
3Oakland, CA14.4%10.7%$2,600
4Denver, CO13.1%10.4%$1,550
5Miami, FL11.3%8.5%$2,450
6Philadelphia, PA9.2%5.0%$1,600
7Los Angeles, CA8.8%5.4%$2,450
8Seattle, WA8.7%8.4%$1,850
9Baltimore, MD8.3%7.4%$1,600
10Phoenix, AZ8.3%6.7%$1,050
11Chicago, IL7.7%5.9%$1,650
12Atlanta, GA7.7%8.7%$1,250
13New York, NY-NJ7.0%5.3%$3,500
14San Diego, CA6.6%11.0%$2,000
15St. Louis, MO-IL6.4%5.9%$950
16Riverside-San Bernardino, CA6.3%4.9%$1,550
17Las Vegas, NV6.0%3.0%$1,000
18Tampa-St. Petersburg, FL5.7%4.1%$1,150
19Orange County, CA5.1%2.8%$2,100
20Boston, MA4.9%3.3%$2,350
21Dallas, TX4.6%4.2%$1,400
22Houston, TX4.5%3.3%$1,500
23Portland, OR-WA3.8%4.5%$1,300
24Washington, DC-VA-MD-WV3.7%1.4%$2,200
25Minneapolis-St. Paul, MN-WI2.2%3.5%$1,300

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