According to HotPads.com Rental prices across the US increased 11.6% in 2010, growing from a national average of $1181 per month in January 2010 to $1319/mth by December 2010. The steady increase in rental prices was inversely matched by falling prices of homes for sale, which saw a 9.8% drop over the same period.
The rental price increase is a factor of uncertainty in the US, which has forced a transition from a home buying mentality to one more in favor of renting.
The 2010 national rental market data is calculated from a sample of one million concurrently active rental prices on HotPads and the for sale data is calculated from a sample size of 3.9 million prices. These are averages of each state’s monthly median price weighted by the number of listings in that state.
HotPads 2010 Rental Housing Report [hotpads.com]