Six Cities Where Rents Are Skyrocketing

1.         Edison-New Brunswick, N.J.
2.        San Francisco, Calif.
3.        Miami, Fla.
4.        Warren-Troy-Farmington Hills, Mich.
5.        Indianapolis, Ind.
6.        Colorado Springs, Colo.

Yesterday, online real estate site Trulia released rental data for the 100 largest housing markets in the country. The report showed that while home prices have increased slightly in the past year, rent prices have increased more than 5% in the 12 months ending April 31, 2012.

The six cities on our list, four had employment growth in the past year above the average of the 100 markets. Three were in the top 16 for job growth. In the San Francisco region, where rental prices increased 11.1% in the past 12 months, the number of employed people rose nearly 3% in the past year.

24/7 Wall St. obtained asking home price and rent values for the 100 largest real estate markets from Trulia for the 12 months ending April 31. Trulia also provided us with declines in home value in these areas from their prerecession peaks, as well as change in employment in the past year.

The increasing popularity of the San Francisco real estate market is extremely lopsided. List prices for homes actually fell 0.5% in the past 12 months. Meanwhile, rent prices increased 13.2% — the second-largest increase in the country. The number of employed people in the city grew just shy of 3% in the past year, the seventh-highest rate in the country.

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