Yesterday, online real estate site Trulia released rental data for the 100 largest housing markets in the country. The report showed that while home prices have increased slightly in the past year, rent prices have increased more than 5% in the 12 months ending April 31, 2012.
In six of the 100 markets, asking rent has increased by 10% or more. 24/7 Wall St. examined these six cities, which are located all over the country, to determine why rents have increased so much there.
24/7 Wall St. spoke to Trulia’s chief economist, Jed Kolko, who gave several possible explanations for the rents’ increases. First, he said, housing prices in many of these areas did not drop much during the recession, making them less attractive to buyers.