Rents keep rising as home prices stagnate

Posted by Bonnie Martin Designated Broker on Monday, April 16th, 2012 at 8:37am.

NEW YORK (CNNMoney) -- Renting used to be cheaper than buying. But in many U.S. cities that's no longer the case, as rents continue to climb and home prices stagnate.

While asking prices for homes declined 0.7% over the past 12 months through March, rents rose 5%, according to a report released Thursday by real estate listing site Trulia.

The median rent for all types of rental homes hit $1,350 a month in March, up from a median of $1,285 a month 12 months ago, Trulia reported.

 

"Buying a home is more affordable than renting now in almost every part of the United States," said Jed Kolko, chief economist for Trulia.

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