Rent prices increasing in several major cities
May 17th, 2011 5:06am
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According to a recent US News Money report, the average rental price in several large metropolitan areas is increasing at significant rates, leaving many to reevaluate their financial situation.With more jobs being added across the country, more people are now looking to live on their own. This is has led to increased numbers of tenants, which in turn has many landlords considering upping their monthly prices.
Research firm REIS recently estimated that rent will increase by 3.6 percent nationwide during 2011. However, in some areas, such as New York City and Washington, D.C., this spike could surpass 10 percent.
The average rent for Houston properties is $822 per month, which is expected to rise by 4.4 percent during 2011. Currently, the city has an unemployment rate of 8.3 percent, however, with more jobs being added during February, the real estate market could become more popular.
In New York, with the average rent already north of $3,000 a month, and with it expected to rise by 6 percent during 2011, many have now considered homebuying instead. In addition, New York legislators are working on passing another first-time homebuyers tax credit, which could further stimulate home sales.
Courtesy of 2M Realty News
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