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Best And Worst Cities For Renters|
By Matt Woolsey, Forbes.com
Writing a monthly rent check often feels like lighting money on fire. You'll never again see that cash, you build no equity and there are no tax benefits.
But renting makes sense to those unwilling or unable to buy a home in an uncertain housing market. The number of such Americans seems to be growing; last month mortgage applications fell to their lowest level in a year.
That's good news for landlords--especially those in New York City, NY and San Francisco, CA. In these cities, tenants pay the highest rents in the country by a significant margin. Those renting a median-level place in the five boroughs can expect to pay $2,922 a month this year. That's up 6.6% from last year. In the City by the Bay, it's a more affordable $1,904. Here, though, rents are growing faster than anywhere else; they're up 7.8% from last year. Renters in Columbus, OH, are better off; there, they pay $626 a month.
对房东来说是好消息--尤其是纽约市和三藩市的房东。 这些大城市，房客付出的租金最高，大大超过全国其它地方。纽约五个区中档地段今年租房价可能达到每月2922美元，比去年上升6.6%。 三藩市租房价格稍廉价在1904/月。 不过那里的房租增长速度比任何地方都快； 比去年涨了7.8%。 俄亥俄州，哥伦布的租房者要稍好。那里每月房租为626美元。
These numbers were provided by Marcus & Millichap, an Encino, Calif.-based real estate investment firm. Its researchers looked at 2007 year-end rents in America's 40 largest cities, then estimated 2008 figures based on a combination of vacancy rates, new-construction projects and job growth.
以上数字由一家位于加州Encino的 Marcus & Millichap房产投资公司提供。 公司研究人员调查了2007年年末美国最大40座城市的房租。并根据空房率、新建项目和工作增长对2008年房租进行估计。
Of the three, vacancy rates most affect price acceleration. In the sales market, a 5% unsold inventory equals a glut, whereas in the rental market, a 5% vacancy rate indicates a healthy market. Areas like Indianapolis, IN, with an 8.6% vacancy rate, experience slower increases than cities like Chicago, IL, which has a 4.5% vacancy rate.
Behind The Numbers
Still, there's a little more to the figures than basic supply and demand. New York's 2.8% vacancy rate keeps prices high, of course. But what also plays a role are the incomes of its renters. High home prices keep middle-income and upper-income residents here renting. They can afford, and demand, higher value properties than are rented in other cities. In addition, landlords can charge more, so long as the cost to rent remains significantly below the cost to buy. At the lowest quartile price--the 25% mark--the rents paid by residents in New York, Las Vegas and Charlotte, N.C., are almost identical. It's as rents head toward the median and to the top quartile that the divergence becomes most striking.
不过，租房金的高低并不只和基础的供求关系有关。 纽约市空房率为2.8%，但是肯定房价很高。另外一个因素是房客的收入。纽约的高房价让中高收入的居民也会租房。 这些人能负担比其它城市租房更高价值的房子。此外，房东也能开更高价，只要租比买的成本一直低许多。
Expected construction also adds a wrinkle to the present rental market. More inventory slows price growth. Cincinnati, OH, for example, is expected to see 100% more new homes this year. As a result, rental prices are only expected to jump 2.7% in 2008, one of the lowest increases nationwide. Now consider Washington, D.C., where a paltry 2% rise in new construction contributes to an expected 5% rise in District rents.
新建房同样给目前的租赁市场带来了一些影响。 房量更多减缓了价格增长速度。 例如，俄亥俄州辛辛那提市预计今年新住房增加一倍。结果，08年租房价格预计只会上升2.7%.这个数字在全国范围内属于最低的一个。再看看华盛顿特区，2%的新房增长使租房价格预计会在5%。
Job growth also affects renters. Salt Lake City, UT has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city measured, and the result has been a steady stream of new citizens moving to the city. More jobs, more people and higher wages have lifted prices in both the rental market and sales market there.
工作增长同样会影响租房者。 美国犹他州盐湖城的新房增长率是最高的一座城市，但是增长速度跟不上工作增长速度。3.1%的工作数猛增是所有调查城市中最高的一个；结果稳定数字的新市民涌入这座城市。 更多的工作、更多的人口和更高的薪水把租房和售房市场的价格都抬高了。
Throughout the country, slow sales mean more opportunities for renters as developers and homeowners look to lease their properties while they await hungry buyers. That's what's happening in southern Florida as condo developers saddled with excess inventory try their hands in the rental market. But don't expect to see monthly rents slide; most of Miami's unsold condos qualify as high-end and don't compete with much of the rental stock. Miami's top-flight apartments will see slower rent growth due to the influx, while median-level renters face one of the nation's tightest rental markets.
By contrast, in Phoenix, where far less of the housing overstock classifies as luxury, the shadow market of newly constructed homes doubling as rentals will have a far greater effect on the traditional rental market, according to Marcus & Millichap, which estimates that rental vacancies will balloon by almost a full percentage point, despite thousands of Phoenix residents moving to the rental market to escape their resetting adjustable-rate mortgages.
根据Marcus & Millichap, 相比之下，在拥有过剩房屋中很少是豪华房屋的费城，新建房屋数翻番会对传统租赁市场有一个远大的多的影响。Marcus & Millichap估计尽管成千费城居民转向租房市场为的是逃避重新設定的可调整利率房贷，费城空房率将会上升近乎1个百分点。
[ Last edited by hly_2009 at 2008-1-12 04:27 PM ]