Be thankful: San Jose rents jump 13%

Its not just an Orange County thing! Apartment rents are rising almost everywhere, a survey of large apartment building managers shows. Theyre up in fact, nearly 13% in San Josem or nearly quadruple our 3.4%!

Apartment tracker RealFacts rent report the second quarter of 2011 the period from April through June shows that the typical tenant in 41 of the 43 metro areas it tracks were paying more than in the previous quarter and paying more than in the previouse year.

According to RealFacts owner Sarah Bridge:

By choice or necessity, there is a growing trend towards rent over buy. Consumer confidence is low for single family housing. Sales activity is down, a new wave of foreclosures are just beginning to surface, and home prices have sunk by 3.5% in the past year. Combine these factors with the current constraints on the American household budget, stricter lender guidelines and the result is a rapidly dwindling supply of potential customers (to buy a home).

The RealFacts report includes a selection of U.S. metro areas in the West, MidWest and some Southern cities. Highlights of the firms second-quarter report show:

Said Bridge:

Many experts believe that rental housing will grow to become a substantial slice of the housing pie. Statistics show a demographic shift towards Gen Yers, Empty Nesters and restricted income households, all of whom are likely to rent an apartment. Rental housing will attract new customers in the coming years, but affordability and good service will be important considerations in making the rent vs. buy decision.

. Which way will O.C rents go in 18 months?

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