SAN JOSE, CA—Rents continue to rise in every market across theUS, according to rental industry sourcerealfacts.com. The fall survey recently completedby its real Answers service concludes thatidentifies San Jose and San Francisco as the most expensivemarkets, and shows that the rental market hasn't lost any momentumin the third quarter.

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The California multifamily markets outperform all othersincluding the West, Midwest, Southwest andSoutheast. It consistently produces the highestface rents and year over year growth.

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The highest rents achieved today are in the San JoseMSA where the average rent is$2,369/mo. A close second is the SanFrancisco MSA at $2,285/mo. Holdingthe number three spot with an average rent that is already $500.00less than San Jose is the Los Angeles MSA (which also includesOrange County) at $1,857.

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Other strong markets in California such as San Diego,Santa Rosa and Oxnard are about $200-300less than Los Angeles ranging from $1,579/mo. to $1,683/mo. Outsideof California the highest rents are about $1,000/mo. below SanJose, like Miami, Florida at $1,399/mo. The best bargainmarkets in the real Answers database areGreensboro-High Point, NC at $572/mo. ($1,797/mo.lower than San Jose); Tucson, AZ at $666/mo.; Tulsa, OK at$670/mo.

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“With rents reaching record highs in California along with a fewothers outside California, referred to by investors as “sexymarkets” that include Seattle and Denver, it's easy to becomecallus in our job doing research and overlook everything else,” thecompany's 3rd quarter market report notes. “In most ofthe country, rents are under $1,000/mo. on average and annual rentgrowth is between 4-6%. But the truth is that every market isbenefiting from the economic recovery and the progress over thepast several years is truly remarkable.”

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.