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Cost to rent rising faster than home prices

Nationally prices rose 7.3% YOY compared to 6%

Nationally, asking prices for condos rose 7.3% year-over-year in September, according to Trulia’s (TRLA) latest rent and price monitor.

That’s more than the 6% increase for single-family homes.

Asking prices for condos rose more than 15% year-over-year in Miami, Denver, and West Palm Beach. Condo prices rose faster than single-family home prices in 18 of the nation’s 20 largest condo markets, Trulia reports.

“Although condo prices are outpacing single-family home prices, they are following similar patterns,” writes Trulia chief economist Jed Kolko. “Condo prices and single-family home prices are both rising faster in metros with stronger job growth and those that had a more severe housing bust in the past decade (a bounceback due to the “rebound effect”). In fact, metros with bigger condo price increases also tend to have bigger single-family home price increases.”

Click to enlarge

Source: Trulia

Growth in rents, meanwhile, also outpaced home price gains in September as well, rising 6.5% year-over-year in September.

“Like the for-sale market, the rental market is tighter for multi-unit buildings than for single family homes. Census data show that the multi-unit vacancy rate has been falling steadily, but remains elevated for single-family homes. Despite the multi-unit construction boom, the cost of living in these buildings is rising faster than in single-family homes – both for renters and buyers,” Kolko writes. “This is not necessarily a sign of a permanent shift toward city living. But it certainly reflects a reversal from the past decade’s bubble, when demand was strong for single-family homes in the suburbs and beyond.”

Click to enlarge

Source: Trulia

Home price growth continues to slow. Nationally, the month-over-month increase in asking home prices rose to 0.8% in September.

Year-over-year, asking prices rose 6.4%, down from the 10.4% year-over-year increase in September 2013. Asking prices rose year-over-year in 92 of the 100 largest U.S. metros.

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