Posted by Jonathan J. Miller -Thursday, January 12, 2012, 7:13 AM
The rental market tends to lead the purchase market because rentals are generally more immediately responsive to improvement in the economy. However since the economy’s growth is tepid the key driver has more to due with the tightness of credit.
Affordability may be at an all time high but many need an arm and a leg to get financing.
Here’s an excerpt from the report:
The median net effective rent (face rent less landlord concessions) jumped 9.5% to $3,121 from $2,950 in the same period last year. The year-over-year-gains were consistent across all rental price indicators as no apparent shift in apartment mix was responsible for the increases.
The data tables will be updated shortly, if not by the time you read this. The chart section on the new site remains a work in progress.