SAN JOSE, CA—Rents continue to rise in every market across the US, according to rental industry source realfacts.com. The fall survey recently completed by its real Answers service concludes that identifies San Jose and San Francisco as the most expensive markets, and shows that the rental market hasn't lost any momentum in the third quarter.

The California multifamily markets outperform all others including the West, Midwest, Southwest and Southeast. It consistently produces the highest face rents and year over year growth.

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

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

“With rents reaching record highs in California along with a few others outside California, referred to by investors as “sexy markets” that include Seattle and Denver, it's easy to become callus in our job doing research and overlook everything else,” the company's 3^rd quarter market report notes. “In most of the country, rents are under $1,000/mo. on average and annual rent growth is between 4-6%. But the truth is that every market is benefiting from the economic recovery and the progress over the past several years is truly remarkable.”