Rental prices continue climb in July

Rental prices rose in July.

While the residential housing market continued improvement during July, a report from Zillow also explained that property management companies witnessed an improved month as rental prices rose.

Overall, Zillow's Real Estate Market Reports showed that rents rose 0.2 percent in July when compared to June. This brought the total to approximately $1,280 per month, which was more than 5 percent higher than the same point in 2011.

Rents experienced an increase in six of the previous 12 months, while seven in 10 metropolitan statistical areas had improvements in July, compared to June's statistic, the report explained.

Some MSAs recorded significant increases of more than 10 percent during July when examining year-over-year figures. Chicago and Providence both had a more than 12 percent increase, while Baltimore had a jump of 11.9 percent, the report noted. Much of the reason behind these stark improvements may be due to high levels of foreclosed properties prevalent in these areas. This was compounded with consumers' hesitance when considering a residential property due to still-low home values.

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