Is the Time Right
To Rent Or Buy?
by Elizabeth Levin
From The Wall Street Journal Online
September 19, 2005
Apartment rents increased across the U.S. in 2004, and continue to rise even more this year, according to second-quarter data from research firm Reis. The West is seeing the biggest gains in 2005 thus far, particularly in Los Angeles, where rents are up more than 2% from 2004. Apartments are most affordable in the Southwest, where rents average $702.
WHAT TO DO: Check out RealEstateJournal.com for home-pricing tools and tips on buying and selling. Use this calculator to determine how much house you can afford. Consider how Hurricane Katrina will affect the housing market. In Fiscally Fit, Terri Cullen offers insight on whether to sell or rent and a WSJ article explains why bargain rents are starting to disappear. Learn about successful strategies for determined buyers and the complications that come with being a landlord. Jonathan Clements describes how houses eat money and five key risks in today's overheated housing market. See rankings of metropolitan areas in terms of the risks of future declines in house prices.
Rising Rents
Average asking monthly rents in the second quarter of 2005, compared with the 2004 average.
| REGION | 2004 TOTAL | 2Q. 2005 | CHANGE |
| West | $1035 | $1050 | +1.5% |
| Northeast | $1324 | $1338 | +1.1% |
| U.S. Total | $931 | $940 | +1.0% |
| South Atlantic | $847 | $855 | +1.0% |
| Midwest | $721 | $726 | +0.7% |
| Southwest | $700 | $702 | +0.3% |
| Los Angeles* | $1216 | $1,241 | +2.1% |
| New York** | $2287 | $2316 | +1.3% |
Source: Reis Inc.
* Los Angeles metro apartment markets includes all of Los Angeles County except areas north of Palmdale/Lancaster.
** New York metro apartment market includes: Bronx, Kings, New York, and Queens counties.
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