Rents Jump 5.6%, Sharply Outpacing Sale Asking Prices

Rental prices were 5.6 percent higher in April than they were a year ago, significantly outpacing asking prices on for-sale homes, which were just 0.2 higher year-over-year last month, according to Trulia’s latest data.
Asking prices on for-sale homes – which can precede sale prices by two or more months – were 0.5 percent higher in April than in March, seasonally adjusted.
Together with increases in March and February, asking prices in April rose nationally 1.9 percent over the previous year, an indication that home asking prices have bottomed out in the metro areas monitored by Trulia.
The largest increases in asking prices were in Miami and Phoenix, with prices surging more than 15 percent year-over-year.
Nationally, 44 out of the 100 largest metro areas saw price increases compared to a year ago..
Other national indices monitoring home prices or values indicate many communities have yet to hit a housing market bottom.
But there is little doubt as to surging rental prices.
Rent increases tend to be highest in regions with faster jobs growth, such as suburban Detroit (Warren-Troy-Farmington Hills, MI) and Silicon Valley (San Jose, CA), Trulia reported.
The largest metro area where rents declined was Las Vegas, where job growth continues to be lackluster, Trulia.
Here are Trulia’s listings of top markets for asking prices and rents:

 
 
 
 
 
 
 
 
 
 
 

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