10 Metros Where Rents Are Soaring
DAILY REAL ESTATE NEWS | TUESDAY, JULY 23, 2013
Investors eager to pick up rental properties should be eyeing several metros, particularly out West, where rental rates have skyrocketed over the past year.
The San Francisco Bay Area has seen some of the largest rent hikes — an increase of 7.8 percent in the second quarter of this year compared to the same time period a year ago, according to Texas-based market-research firm MPF Research.
Of the top 50 U.S. metros with the highest average rent growth, the following areas have seen the biggest spikes, MPF found:
San Francisco: 7.8%
Oakland, Calif.: 6.9%
San Jose, Calif.: 5%
Portland, Ore.: 4.4%
Austin, Texas: 4.1%
West Palm Beach, Fla.: 4%
Fort Worth, Texas: 3.6%
Source: “Rent Increases Send Investors House Hunting,” Realty Times (July 19, 2013)