With minimal new construction on multifamily properties, asking rents on apartments rose 3% over the past year. Because of a surge in single-family-home investing, however, there are now some 4 million more houses for rent than in 2005, Trulia reports.
Rents on single-family homes in the past year were flat overall and fell in many areas.
Greatest drops in asking rent on homes
Las Vegas: Average rent last year: down 2%, Average sale price: up 25%
Fort Lauderdale, Fla.: Average rent last year: down 1%, Average sale price: up 11%
Orange County, Calif.: Average rent last year: down 0.7%, Average sale price: up 14%
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