Landlords Benefiting from Rising Rental Rates 11-1-2007

The weak U.S. housing market is a boon for landlords, at least in some areas. Actual rent paid – not including free months or other incentives – rose in 78 of 79 apartment markets, according to data compiled by Reis, a commercial real estate data analysis firm. The largest increases were in areas that saw home price run-ups during the housing boom, Reis says. New York City saw the highest third-quarter increase, with a rise of 3.6 percent compared with the second quarter. San Francisco was second, with an increase of 3.4 percent. Other top areas for rental increases: San Jose and Fairfield County in California, northern New Jersey, and Seattle. Source: The Associated Press, Danielle Reed (10/30/2007)