The average rental prices for single-family residences in La Quinta, Calif., increased more than anywhere else in the country during 2012, according to rental pricing analyses conducted by Westminster, Colo.-based RentRange LLC.
La Quinta, whose population is just under 38,000, saw average rents increase by $932, or 35.75%, from December 2011 to December 2012. Six other California cities are included in the Top 10 markets with the greatest rental price increases for single-family residences last year; the other three cities in the Top 10 markets with the greatest rental price increases for single-family homes are Harker Heights, Texas; Sarasota, Fla.; and Mableton, Ga.
‘Rental price movement over time is one of many important metrics that investors utilize when evaluating suitable marketplaces,’ says Walter Charnoff, RentRange's founder and CEO. ‘As popular markets become saturated with investment activity, it is important for purchasers to leverage specialized rental market intelligence to identify attractive markets that competitors have yet to notice.’