Econintersect: Rental prices have been climbing much more rapidly than sales prices for homes but rental is still a popular option for many seeking a residence. This can result from a number of reasons, including lack of trust that the housing market has bottomed and lack of down payment or sufficiently high credit score to qualify for a mortgage.
Trulia has released information based on their survey data of rental market activity. These results reveal the top three neighborhoods for interest in rentals for fifteen of the largest metro markets in the U.S.
Here is the complete press release from Trulia, via Marketwire:
September 07, 2012 08:00 ET
Trulia Unveils Most Searched for Rental Neighborhoods in 15 U.S. Metro Areas
SAN FRANCISCO, CA–(Marketwire – Sep 7, 2012) – Trulia, a leading online marketplace for homebuyers, sellers, renters and real estate professionals, today unveiled the most searched for neighborhoods for 15 of the top rental markets across the U.S. As recent data from Trulia shows, despite a slowdown in rising rental prices, year-over-year rent prices have increased 4.7% nationally. And there are still many hot markets, including 8 metros with year-over-year rent increases of at least 8%. In this latest analysis, Trulia takes a deeper look at 15 top rental markets to provide insight on where renters want to live at the neighborhood level.
“In many metros, we’re still in a landlord’s market where competition among renters is high,” said Pierre Calzadilla, Trulia’s Manager of Apartment Industry Relations. “Across metros, we’re seeing spikes in searches for specific neighborhoods where competition can be cutthroat. But no matter how popular the area or the neighborhood, finding the best listings first and being prepared to rent when you do will give you a chance to find an apartment in any situation.”
“In the recession and in the recovery, more people have become renters — some by choice and some out of necessity,” said Jed Kolko, Trulia’s Chief Economist. “Renters face rising rents nearly everywhere across the U.S., and in many urban markets the competition for limited rental units is fierce. Now, however, more new rental units are coming onto the market as developers finish projects they started last year, which will slow down rent increases and give people who are looking to rent more options to choose from.”
Trulia looked at its data in 15 popular rental markets around the country to determine the three most searched-for neighborhoods in each. Here they are in alphabetical order:
Most Popular Neighborhoods
- Austin: Hyde Park, Downtown, Allandale
- Boston: Back Bay, South End, Beacon Hill
- Brooklyn: Park Slope, Williamsburg, Brooklyn Heights
- Charlotte: Dilworth, Myers Park, Elizabeth
- Chicago: Lincoln Park, Wicker Park, Bucktown
- Dallas: M Streets, Lakewood, Oak Lawn
- Houston: Neartown/Montrose, Greater Heights, Midtown
- Las Vegas: Summerlin, Las Vegas, Summerlin South
- Los Angeles: Hollywood Hills, Silver Lake, Los Feliz
- Manhattan: West Village, Upper East Side, West Village
- Philadelphia: Rittenhouse Square, Northern Liberties/Fishtown, Center City West
- San Antonio: Monte Visa, Downtown, King William
- San Diego: Pacific Beach, North Park, Mira Mesa
- San Francisco: Soma, Pacific Heights, Nob Hill
- Washington D.C.: Dupont Circle, Georgetown, Adams Morgan
ABOUT TRULIA, INC.
Trulia gives home buyers, sellers, owners and renters the inside scoop on properties, places and real estate professionals. Trulia has unique info on the areas people want to live that can’t be found anywhere else: users can learn about agents, neighborhoods, schools, crime, commute times and even ask the local community questions. Real estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper local advertising services, social recommendations and top-rated mobile apps. Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital. Trulia is a registered trademark of Trulia, Inc.