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California Sees Largest Rent Price Growth in 2012

California cities claimed seven spots on a top 10 list of cities experiencing the highest rental price increases for three-bedroom, single-family homes.

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""RentRange, LLC,"":http://www.rentrange.com/ a Westminster, Colorado-based data and analytics provider for the single-family rental market observed changes in rent prices for three-bedroom, single-family homes located in cities with at least 25,000 residents.

The data firm found the greatest growth in La Quinta, California, where rents increased 35.75 percent from December 2011 to December 2012.

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The city's single-family rents rose $932 over the year to a median rent price of $2,607.

Fullerton, California, ranked second with a rent increase of 26.1 percent, $605; and Palm Springs, California, ranked third with an increase of 20.55 percent, $391.

Not only, did California cities dominate the top 10 list, but three of the top 10 cities were located in the same county--Riverside County, California.

Riverside cities claimed the No. 1, No. 3, and No. 7 spots on the list.

The anomalous non-California cities on RentRange's list were Harker Heights, Texas, ranking No. 4 with a 20.52 percent increase; Sarasota, Florida, ranking No. 7 with a 16.57 percent increase; and Mableton, Georgia, ranking No. 9 with a 15.93 percent increase.

""Rental price movement over time is one of many important metrics that investors utilize when evaluating suitable marketplaces,"" said Walter Charnoff, founder and CEO of RentRange.

""As popular markets become saturated with investment activity it is important for purchasers to leverage specialized rental market intelligence to identify attractive markets that competitors have yet to notice,"" Charnoff added.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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