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Top 10 priciest U.S. cities
to rent an apartment

CBS News, by Ilyce Glink

Original Article

Posted By:JoniTx, 7/13/2013 1:41:50 PM

Rents across the nation are creeping up. But in some cities they´re not rising slightly so much as skyrocketing. Although the average rent across the U.S. is $1,231 per month, in certain areas it can be triple that number. Landlords can afford to charge such daunting prices because there are so few apartments available in high-demand cities. (Snip) Of the 10 cities on the list, six are located on the West Coast, while the other four are on the opposite side of the country on the East Coast. Of the six out west, five are located in California,

      


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Reply 1 - Posted by: sinic, 7/13/2013 1:55:32 PM     (No. 9421989)

One of the main reasons rents are skyrocketing is the fact that lenders are requiring AAA+ credit in order to get a mortgage. After the Feds, courtesy of Jimmah Carter (Community Reinvestment Act), Bill Clinton (Community Reinvestment Act on Steroids), Dodd, Frank & Co., frigged up the housing industry by mandating NoDoc loans to people who weren´t qualified to get a washing machine on credit, the whole industry blew up. Now, lenders have flipped to the other side of the coin. Naturally, if you can´t sell the house since few qualify to get a mortgage to buy the house, you rent it out at market rates...which equal mortgage + taxes + maintenance + profit. There´s usually a long list of prospective renters who´ll begrudgingly pay the price...seeing as they do have to have a place to live.

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Reply 2 - Posted by: Pinchem, 7/13/2013 2:08:43 PM     (No. 9422003)

Boy that hurts Seniors big time. Most of those rents are more than I make a month in retirement. Thankfully I bought this house when it was affordable (7 years ago), mortgage, taxes and Insurance runs $472/month.

In this area Appraisers should be spanked and run out of town. They are appraising houses for far less than they are worth. They whine that "it´s the market", I say "it´s stupidity" or "it´s greed".


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Reply 3 - Posted by: Safari Man, 7/13/2013 2:19:11 PM     (No. 9422011)

I am sure glad I am not a city dweller. The people who live in cities tend to be hard-core dimocrat voters, and that is a very good reason to avoid them like the plague (no offense to the plague).


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Reply 4 - Posted by: NorthernDog, 7/13/2013 2:34:36 PM     (No. 9422018)

In Detroit you can buy a house for what a couple month´s rent is in some of these cities. Any takers?

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Reply 5 - Posted by: jalo1951, 7/13/2013 2:43:26 PM     (No. 9422027)

We have remained in the first home we ever bought. We really didn´t need anything bigger or better. No need for a three car garage, a pool, four bathrooms or a yard we could not take care of. I do not begrudge those that want those things but we didn´t. We made improvements that did not cost an arm and a leg and our house was paid off by the time we were 50. Our mortgage payment was never over $205 a month. So we will stay where we are. If my husband dies first I will buy a condo and if I die first he will stay in the house. We are close to everything we need so we will stay put. With one bedroom apartments going for $700 a month plus utilities I am content with our decision.

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Reply 6 - Posted by: mitzi, 7/13/2013 2:43:54 PM     (No. 9422028)

I rent because I don´t want to own a house. Been there, done that ... twice.

Too much maintenance, repairs, etc., etc., etc. I just call the office if something needs to be fixed or painted.



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Reply 7 - Posted by: Screwgun, 7/13/2013 3:34:32 PM     (No. 9422056)

I couldn´t imagine living in a city. I don´t even like visiting cities. I live 45 miles from Boston and I´ve only been there 5 times in 15 years, mostly to pick up relatives who were too cheap to fly into Manchester.

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Reply 8 - Posted by: Rubinski, 7/13/2013 4:01:04 PM     (No. 9422073)



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Reply 9 - Posted by: Rubinski, 7/13/2013 4:02:57 PM     (No. 9422077)

Thanks for the information, CBS but where is the list? Do I have to search for a list of cities on apartments.com, the website you mention?

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Reply 10 - Posted by: Susannah, 7/13/2013 4:12:26 PM     (No. 9422082)

Why would anyone rent a studio apartment when a one-bedroom is cheaper in some of those cities?

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Reply 11 - Posted by: curious1, 7/13/2013 4:21:15 PM     (No. 9422088)

Prices also rise when supply is restricted. Rent controls and ´green space´ provisions and fascist zoning/building restrictions and requirements tend to limit supply of the buildings or the land to put the buildings on. So the market cannot easily build more supply to satisfy the demand - and prices rise.
Same if the money supply is inflating, too.

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Reply 12 - Posted by: mossley, 7/13/2013 4:27:22 PM     (No. 9422094)

#9, they list all the cities, each on its own page with a list of rents and city information.

#10, I would imagine location. You can rent a house in a crime-ridden ghetto cheaper than you can a tiny place in a safe neighborhood.

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Reply 13 - Posted by: Lalo, 7/13/2013 4:32:03 PM     (No. 9422103)

#9, click the red "Next" near the center of the page.

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Reply 14 - Posted by: rc1776, 7/13/2013 4:32:21 PM     (No. 9422104)

Soon Sanford Florida will be at the top
with the doj, wh, acorn, pink panters, media and other feral fascist regime parrots and puppets seeking posh lodging at mere taxpayers expense.
For you wanna be ambassadors and entrepreneurs
you might consider putting a bath house restaurant featuring dominatrix “sas” wh garden cuisine and a mescal bar.
This was not reviewed by "Big Sis".
It is busy singing.

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Reply 15 - Posted by: jimjr, 7/13/2013 5:13:08 PM     (No. 9422134)

Two words: Rent Control.

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Reply 16 - Posted by: Charactercounts, 7/13/2013 5:43:23 PM     (No. 9422155)

Exactly, #15.

Those here who talked about owning a house for a reasonable amount should be aware that a house in these markets is outrageous, too. Even if you bought your house a long time ago, and your mortgage payment is low, taxes and insurance are more than the actual mortgage payment. You could owe $300/month on your loan, but have another $1,500 or so per month in real estate tax and home insurance.

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Reply 17 - Posted by: bob913, 7/13/2013 5:44:42 PM     (No. 9422158)

I moved from Minneapolis, Minnesota area where I paid $300 a month plus utilities for a duplex. It had a yard and a garage too. I moved in 1988 and came here to Oxnard, Ventura, CA (by the ocean about 60+ miles from downtown Los Angeles) and my first place was an apartment and was $900. No yard and a parking space outdoors and crowded with too many people.

You can still get a big place, heck you can buy a home back in Minneapolis area for less then the rent out here. I wish global warming was real. It was the 6 months of winter that drove me away.

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Reply 18 - Posted by: mitzi, 7/13/2013 6:13:07 PM     (No. 9422191)

You could owe $300/month on your loan, but have another $1,500 or so per month in real estate tax and home insurance.

I rent a one-bedroom apt. in Manhattan. My sister lives in Nassau County. Her monthly mortgage payment + property taxes + school taxes + insurance is higher than my monthly rent.

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Reply 19 - Posted by: LouD, 7/13/2013 6:32:11 PM     (No. 9422204)

#18, how many bedrooms does your sister have? Does she have a yard, and privacy? How much equity do you have built up in your apartment? Non. As for those renting in San Francisco, spending over $30,000 a year with nothing to show for it doesn´t sit too good with me. And I can sell my home for about 25 times its cost. How many renters can say that?

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Reply 20 - Posted by: mitzi, 7/13/2013 6:39:42 PM     (No. 9422215)

#19 ... two bedrooms, one bath, corner lot that´s rather small, small backyard, one car garage.

I owned homes before in CA - two of them. I´m not interested in upkeep, maintenance or building equity. I´ve invested my money elsewhere - someplace that doesn´t require that I mow the law and fix the roof.

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Reply 21 - Posted by: beancounter, 7/13/2013 10:53:09 PM     (No. 9422508)

How many of these top cities have rent control? And how is that working out?

In the Bay Area now there are ads for a service where people in relatively cheap, rent-controlled apartments get paid to move out. Some lawyers negotiate with your landlord to cut a deal.

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