Rental prices across the US increased 11.6% in 2010, growing from a national average of $1181 in January 2010 to $1319 by December.
The rental price increase is a factor of uncertainty in the U.S. economic climate, which has forced a transition from a home-buying mentality to one more in favor of renting. The growing number of homes lost to foreclosure in 2010 expanded the number of people seeking to rent, creating a renter surplus, according to the study.
With the U.S. unemployment rate at more than 9 percent throughout 2010, low-risk housing options became more desirable, a trend which may continue in the coming months, according to Hotpads.com.
Looking to buy a home in Santa Clara County, go to the link below to see the trends: