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 The Rental Market is Surging

Rents are accelerating in many markets across the USA. Vacancy rates are down from last year, and average rent is projected to rise 5.3% in 2008, up from a 3.1% increase in 2007.

Source:  National Association of Realtors.

San Francisco: the median rent rose 14.6%, to $1,810 a month in the first quarter this year compared with a year earlier

Seattle: The median rent in  rose 10.3%, to $1,211, in the same period.

Washington, D.C.: the median rent rose nearly 5%, to $1,687.

Source: Investment Instruments

  The median asking rate for rentals has jumped 14%, from $591 a month during the fourth quarter of 2003 to $673 a month in 2007.

 The national vacancy rate for rental housing was 9.6% in the fourth quarter of 2007, down from 10.2% in the fourth quarter of 2003.

Source: US Census Bureau

2007: the number of renters in professionally managed apartments leapt by the largest amount since 2000, . That increase was as large as the increase for the previous five years combined. From 2004 through 2006, 1.2 million households became renters Source: National Multi Housing Council

Foreclosures cost lenders an estimated $50,000, on average, in processing fees, liquidation-sale price cuts and other costs

Source: Center for Responsible Lending

Foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 223,651 U.S. properties during February, a 4% drop from the previous month but still a nearly 60% increase from February 2007. One in every 557 U.S. households received a foreclosure filing during the month

Source: RealtyTrac

Seattle: rents rose 2.1% in the first quarter of 2008 over the previous quarter and nearly 9% since the first quarter of 2007. Vacancies in some neighborhoods are at 3%.

The average annual rent increase for all units was $84 a month

Source: Apartment Insights Washington

18% of foreclosures started in the third quarter of 2007 involved non-owner-occupied homes

Source: Mortgage Bankers Association