Rental property rates spike as homeowners get better deal

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by Tyler Druin

WHAS11.com

Posted on July 4, 2012 at 3:21 PM

LOUISVILLE, Ky. (WHAS11) - - If you're looking for a new place to live, it may be cheaper to buy instead of rent.

The real estate website Trulia reports US rent raised an average of 5.4 percent over the last 12 months.

In some areas, the increase was much higher.

San Francisco renters were paying nearly 15 percent more than they did a year earlier, the biggest jump among large cities.

In smaller cities, Fort Worth, Texas saw the highest spike up 15.5 percent.

Analysts say the large number of former homeowners displaced by foreclosure have driven up demand for rental homes and apartments, and that sent rent prices soaring.
 

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