Rental prices increase in November

Rental prices rose last month.

The national rental price situation improved in November, but some property managers experienced local slowdowns in price growth.

November experienced a rental price gain of 5.6 percent, according to Trulia's Rent Monitor. This was far higher than the residential price increase of 3.8 percent, identified by the firm's Price Monitor. Meanwhile, of the top 25 rental markets around the country, 14 experienced a residential price jump that was higher than the rental increase.

However, the rental situation may still be doing better than the residential market.

"Even though prices rose at a 10 percent annualized rate in the last quarter, more metros are seeing price declines," said Jed Kolko, chief economist for Trulia. "The price recovery is strongest in the largest metros, and price gains have now surpassed rent gains in the largest 25 rental markets. However, price gains are starting to waver in smaller markets."

The report added that compared to last year, the top three markets for rental increases were Houston, Oakland and Miami. All three of these saw prices jump more than 10 percent during the past 12 months.

Continued price increases for the rental market may be due to continued vacancy declines. According to the National Association of Realtors, vacancy rates should drop 0.1 percentage point for the multifamily market in the next year.

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