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. Metro	Y-o-Y % change in rents, Aug 2014	Y-o-Y % change in rents, May 2014	Median rent for 2-bedroom, Aug 2014
1	Sacramento, CA	14.9%	8.0%	$1,250
2	San Francisco, CA	14.5%	15.1%	$3,500
3	Oakland, CA	14.4%	10.7%	$2,600
4	Denver, CO	13.1%	10.4%	$1,550
5	Miami, FL	11.3%	8.5%	$2,450
6	Philadelphia, PA	9.2%	5.0%	$1,600
7	Los Angeles, CA	8.8%	5.4%	$2,450
8	Seattle, WA	8.7%	8.4%	$1,850
9	Baltimore, MD	8.3%	7.4%	$1,600
10	Phoenix, AZ	8.3%	6.7%	$1,050
11	Chicago, IL	7.7%	5.9%	$1,650
12	Atlanta, GA	7.7%	8.7%	$1,250
13	New York, NY-NJ	7.0%	5.3%	$3,500
14	San Diego, CA	6.6%	11.0%	$2,000
15	St. Louis, MO-IL	6.4%	5.9%	$950
16	Riverside-San Bernardino, CA	6.3%	4.9%	$1,550
17	Las Vegas, NV	6.0%	3.0%	$1,000
18	Tampa-St. Petersburg, FL	5.7%	4.1%	$1,150
19	Orange County, CA	5.1%	2.8%	$2,100
20	Boston, MA	4.9%	3.3%	$2,350
21	Dallas, TX	4.6%	4.2%	$1,400
22	Houston, TX	4.5%	3.3%	$1,500
23	Portland, OR-WA	3.8%	4.5%	$1,300
24	Washington, DC-VA-MD-WV	3.7%	1.4%	$2,200
25	Minneapolis-St. Paul, MN-WI	2.2%	3.5%	$1,300