Land O Lakes Real Estate News - JLS Investment Realty

Cities with the Highest Rent Spikes in 2012
December 31st, 2012 6:02 AM

Cities with the Highest Rent Spikes in 2012

Home prices might still be recovering, but the price of rentals has skyrocketed in these cities.

Houston, TX


Year-over-year rise: 16.8%
Vacancy rate: 3%
Median monthly rent: $1,270.50

They say all things are bigger in Texas. And now Texans can include what they pay for rentals.

Oakland, CA

Year-over-year rise: 11.6%
Vacancy rate: 1.7%
Median monthly rent: $2,017.50

Oakland saw rents surge, partly fueled by renters priced out of San Francisco, which is still booming with tech talent.

Miami, FL

Year-over-year rise: 10.8%
Vacancy rate: 4%
Median monthly rent: $1,900

The Sunshine State suffered more than the rest of the country during bust of the housing market. Record foreclosures and a weak economy have left many unable to qualify for a decent mortgage, making renting the next best option.

Denver, CO

Photograph by Matthew Staver/Bloomberg
Year-over-year rise: 9%
Vacancy rate: 2.4%
Median monthly rent: $1,244

In a city where construction of apartments hasn't kept up with demand, rents surged more here than in most U.S. cities.

Philadelphia, PA

Year-over-year rise: 8.9%
Vacancy rate: 2.7%
Median monthly rent: $1,467

The City of Brotherly Love isn't as kind to renters these days, where prices climbed more than its bigger neighbor, New York City.

Click here for the full list of Cities with the Highest Rent Spikes in 2012.

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Posted by Jennifer Stepanek on December 31st, 2012 6:02 AMPost a Comment

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