While many homebuyers think home values are still too high, it’s not much greener on the other side of the property line. Because according to Zillow, renters paid $441 billion to lease their pads in 2014…that’s up nearly 5% from 2013. In fact…
• San Francisco made Zillow’s top 3 list of the largest 25 metro areas with the highest rent increase last year…posting a whopping 13.5% jump (or $163 per month) on average
• And San Jose residents might want to start house shopping after seeing their rent skyrocket an average of 14.4% (or $197 per month) in 2014
• These weren’t the only California metros to score large rent increases: Los Angeles banked a 5.3% jump, rent in Riverside increased 4.4%, and San Diego saw rent climb 6.1%
Don’t expect it to slow anytime soon. Because experts are predicting that in 2015 rent increases will outpace home value growth.
