According to Business Week, cautious would-be homeowners and buyers who are unable to qualify to purchase their own homes are delaying the purchase of homes. Affordability issue and tighter lending standards also played the role in this surge in rental rates in many areas of the country and rents have skyrocketing in these cities.
Top 10 Rental Markets With Fastest Rising Rates, 2nd Quarter 2007
San Francisco, CA $1,757 - 3 % Increase
San Jose, CA, $1,473 - 2.4 % Increase
New York City, NY $2,657 - 2.1 % Increase
Seattle, WA $973 - 2 % Increase
Oakland-East Bay, CA., $1,300 - 1.8 % Increase
Orange County, CA, $1,493 - 1.7 % Increase
Washington, D.C., $1,301 – 1.7 % Increase
Baltimore, MD $945 - 1.7 % Increase
New Haven, CT. – $1,065, 1.6 % Increase
Philadelphia,PA $981 – 1.6 % Increase
Ref: Business Week
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