The fall of the housing market in the US has done some curious things to the rental market. In some areas rents dropped, in other areas rents kept on climbing. Real estate in California has seen the bottom fall out, but rents are rising in many areas.
Looking for a good deal on rent in a dynamic city? Consider Phoenix, where the median price for an apartment fell this year to $939 per month, down about nine percent from $1,035 in 2007. Or maybe give Austin and Miami a shot, since both markets saw median rents fall by three percent, to $907 per month and $1,368 per month respectively. Willing to pay more for a spendy metropolis? Then you won’t mind that the median monthly rent for a New York apartment climbed nine percent to $1,751 and that Seattle’s rent rose 10.3 percent to $1,211 per month. Article.
Home buyers and potential home buyers in the US are afraid of what lies ahead.
In a vivid sketch of how the sputtering real estate market is causing distress throughout the country, the Associated Press-AOL Money & Finance poll found that more than a quarter of homeowners worry their home will lose value over the next two years. Fully one in seven mortgage holders fear they won't be able to make their monthly payments on time over the next six months. Article.
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