Rents in the U.S. rose 5.4% over the past 12 months according to the real estate website Trulia. The increase in rent prices stem from the lackluster home sales as there are still home-seekers out there who want to live in a home but either do not have confidence in their job security or have the credit necessary to take out a mortgage. Even though renting is an easier because of access, it doesn’t mean that it’s cheaper. Homes prices are rising but at a snail-like pace and often times mortgage payments on a house is lower than rental payments on the same house.
The degree in which the rents are rising depend upon how hard the area in particular was hit by the housing bubble. For instance in cities that were devastated by crash like San Francisco saw the steepest increase of 14.7% in rent prices, while areas like Central Texas (Austin) saw an increase of 4.3% in rent prices.