U.S. Home Rental Prices Explode

    SAN FRANCISCO - JULY 08: A sign advertising apartments for rent is displayed in front of an apartment complex July 8, 2009 in San Francisco, California. As the economy continues to falter, vacancy rates for U.S. apartments have spiked to a twenty two year high of 7.5 percent, just short of the record high of 7.8 percent set in 1986.

    Justin Sullivan/Getty

    With the economy recovering from the Great Recession, many are still seeing the effects from the housing market crash that sparked it. According to new reports by real-estate data firm Zillow, the average rental price of U.S. apartments has seen a huge spike in major cities. Within the last year, the price of apartment rentals in San Francisco has jumped 15.4 percent to a median cost of $3,031 a month. Denver rents were up 10.5 percent to $1,817, and even Kansas City spiked to $1,204, an 8.5 percent increase. Since 2000, rental prices have risen an average of 52 percent nationally, while renters’ incomes have only increased 25 percent.

    Read it at Chron