Rent asking prices rise higher than home prices

Asking rental prices jumped during October.

The increase in asking prices for rental properties rose significantly higher than the level of asking home prices during October, according to Trulia.

Property management companies experienced a 5.1 percent rise in rental asking prices in October compared to the same month in 2011. This outpaced asking prices for residential properties, as that figure rose 2.9 percent during that period, Trulia's Rent and Price Monitors explained.

The top performing city for asking rent prices year-over-year was Houston, as the Texas city had a growth rate of 16.5 percent, according to the report. Miami and Oakland both experienced rent increases of 10 percent, while Denver improved 9.4 percent during that period. Seattle, Philadelphia and Minneapolis-St. Paul had rental increases of 8.5 percent, or higher.

Chicago, New York and San Francisco rounded out the top 10, with each city registering a jump of 7.7 percent, 6.1 percent and 6 percent, respectively, the report added. Chicago and Philadelphia had increases in rent levels during the month, even though prices dropped overall.

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