Cost to rent rising faster than home prices | Bedford Corners Real Estate

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Nationally, asking prices for condos rose 7.3% year-over-year in September, according to Trulia’s (TRLA) latest rent and price monitor.

That’s more than the 6% increase for single-family homes.

Asking prices for condos rose more than 15% year-over-year in Miami, Denver, and West Palm Beach. Condo prices rose faster than single-family home prices in 18 of the nation’s 20 largest condo markets, Trulia reports.

“Although condo prices are outpacing single-family home prices, they are following similar patterns,” writes Trulia chief economist Jed Kolko. “Condo prices and single-family home prices are both rising faster in metros with stronger job growth and those that had a more severe housing bust in the past decade (a bounceback due to the “rebound effect”). In fact, metros with bigger condo price increases also tend to have bigger single-family home price increases.”


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http://www.housingwire.com/articles/31664-cost-to-rent-rising-faster-than-home-prices

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