Though there is a slowdown in rising rental prices, compared to last year, rentals have increased at 4.7 percent nationally.
In eight metros, the rental increase is as much as by 8 percent, shows a report by Trulia, an online marketplace for real estate investment.
“In the recession and in the recovery, more people have become renters – some by choice and some out of necessity,” Jed Kolko, Trulia’s Chief Economist, said in a statement. “Renters face rising rents nearly everywhere across the U.S., and in many urban markets the competition for limited rental units is fierce.
"Now, however, more new rental units are coming onto the market as developers finish projects they started last year, which will slow down rent increases and give people who are looking to rent more options to choose from.”
But in many metros, it’s still a landlord’s market where competition among renters is high, Pierre Calzadilla, Trulia’s manager of apartment industry relations, said.
“Across metros, we’re seeing spikes in searches for specific neighborhoods where competition can be cutthroat," Calzadilla. "But no matter how popular the area or the neighborhood, finding the best listings first and being prepared to rent when you do will give you a chance to find an apartment in any situation.”
Earlier this week Trulia had reported that slowing rent increase coupled with price gains is expected to influence renters in staying in rentals than buying a house. High rentals were recorded in Houston, Seattle, Denver, San Francisco, Miami, Oakland, Philadelphia, Boston, Portland and New York.
Some of the neighborhoods in these locations are the most sought-after rental destinations. In Brooklyn, which is one of the most expensive places to live, Park Slope, Williamsburg and Brooklyn Heights are popular choices among those looking for rental accommodation. Similarly, in Philadelphia, renters look for apartments in Rittenhouse Square, Northern Liberties/Fishtown and Center City West, the report said.
Most Popular Neighborhoods
Austin: Hyde Park, Downtown, Allandale
Boston: Back Bay, South End, Beacon Hill
Brooklyn: Park Slope, Williamsburg, Brooklyn Heights
Charlotte: Dilworth, Myers Park, Elizabeth
Chicago: Lincoln Park, Wicker Park, Bucktown
Dallas: M Streets, Lakewood, Oak Lawn
Houston: Neartown/Montrose, Greater Heights, Midtown
Las Vegas: Summerlin, Las Vegas, Summerlin South
Los Angeles: Hollywood Hills, Silver Lake, Los Feliz
Manhattan: West Village, Upper East Side, West Village
Philadelphia: Rittenhouse Square, Northern Liberties/Fishtown, Center City West
San Antonio: Monte Visa, Downtown, King William
San Diego: Pacific Beach, North Park, Mira Mesa
San Francisco: Soma, Pacific Heights, Nob Hill
Washington D.C.: Dupont Circle, Georgetown, Adams Morgan
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