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Nationwide Apartment Rents Continue Improvement in Third Quarter
RentJungle.com reports average US apartment rents increased by 5% in the third quarter of 2010 -- a second consecutive quarterly increase.
During the third quarter of 2010, the average rent for an apartment in the United States increased by 5% from the prior quarter to $1,356 according to Rentjungle.com (http://www.rentjungle.com)
“We are seeing some encouraging signs in the overall national rental market for the second quarter in a row,” says Rentjungle.com CEO Jon Pastor. “In the third quarter, rent nationwide was up by 5% when compared to the second quarter of 2010, which is the continuation of an improvement trend that started in January. Rent in Q4, 2009 was down by approximately 3% from the prior quarter, and during Q1 2010, rent was flat. Rent increased in Q2 by 2.5%, making Q3, the second continuous quarter of increases.”
Nationwide, one bedroom apartments saw the largest percentage increase in Q3, up 7% to $1,034 per month. Two bedroom apartments were also in demand, up 5% to $1,284 per month.
Across all apartment sizes, Washington DC, Denver, and Miami all saw rent increases above 6% in the second quarter. The majority of cities realized increases in the 2 to 5% range. However, Des Moines, Detroit, Dallas and Cleveland all saw decreases in excess of 1%.
“Even with the real estate market continuing to sputter with the expiration of the homebuyer tax credit, rents remained strong,” said Rent Jungle co-founder Geng Wang. “We may be seeing a more permanent shift away from owning to renting. As consumers get confidence back, and move out of shared livings spaces (e.g., with roommates or parents), they are opting to continue to rent rather than looking at purchasing.”
Rentjungle.com calculates these figures by analyzing over 1 million apartment ads a month. The goal of the site is to help users make more informed decisions. More rent trend data, including breakdowns by city, is available at: http://www.rentjungle.com/
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Rentjungle.com (http://www.rentjungle.com), is the most comprehensive rental listing site on the web. It works much like other search engines in that it scours the Internet to amass apartment listings from a variety of sites. Rentjungle.com employs innovative spidering technology that can detect both when new rentals come on the market and when rents for a particular property change. All of this data is analyzed and stored in order to keep users abreast of the latest happenings in the rental market. Trends can be tracked by city and by neighborhood, furthering the site’s value to users. Users can see searches on an easy, interactive map that links to satellite street views.