From Realtor Magazine Online, Daily Real Estate News April 17, 2008
For some, it might not seem like a great time to buy a house, but it’s a dreadful time to rent, especially in the western part of the United States.
The average apartment rent through March rose from the previous year in all 19 major Western markets surveyed by the research firm RealFacts.
San Jose, Calif. -- the heart of Silicon Valley -- is now the West's most expensive rental market, with the average apartment leasing for $1,660 per month, up 9.1 percent, $139 per month, from the same time last year. That means a Silicon Valley renter can expect to pay nearly $20,000 to lease an average apartment during the next year.
Tucson, Ariz. offers the West's least expensive apartments, with rents creeping up 2 percent to $668 per month.
Source: The Associated Press, Michael Liedtke (04/16/2008)
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