Though housing prices are down and rents are up, in some cities rents are still lower than they were just before the financial meltdown nearly five years ago.
The most amazing deals can be found in Las Vegas, Phoenix, Atlanta and even New York, according to Dallas-based MPF Research. And Zillow.com researchers say that in some cities, like San Francisco, San Diego and Boulder, Co. it is still cheaper to rent than buy.
In Las Vegas, rents are down nearly 16 percent from late 2007, with an average rent of $736 a month. In Phoenix, the drop is 7.2 percent with an average rent of $746 and in Atlanta, 4.4 percent off with rents averaging $816 a month. That translates to lots of bang for the buck.
“These are by and large attractive places to live,” said Greg Willett, vice president of Dallas-based MPF Research, but “the economy hasn’t recovered enough and there are not enough jobs to pull in renters.”
But there are perks. To appeal to the ubiquitous Gen Y renters, higher end units often come with a big flat screen television, kitchens outfitted with stainless steel or black appliances, and “social interaction spaces” wired for connectivity and a coffee bar.
Demand for apartments has swelled with the improving economy, but in New York City, the priciest market at $2992 a month (on average), rents are still three percent cheaper than they were five years ago. Chalk that bargain up to steep drops in rent during the 2008 and 2009 downturn, Willett said.
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10 cities with amazing deals for renters - Yahoo!