Report: Rental costs decrease in the West

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Report: Rental costs decrease in the West

February 3, 2010 - Most of the real estate markets in the western region of the country have reported declines in the average cost of rental homes, the Las Vegas Review-Journal reports.

According to a December survey from Novato, California-based consultancy RealFacts, Phoenix had the steepest decline in average rent price, as it dropped 8.7 percent from the third quarter to $695 per month.

A similar decrease was reported in Las Vegas, where average rent dropped by 8.2 percent in the fourth quarter and 12.5 percent over the past year.

In addition, Salt Lake City, Denver, Seattle and Vallejo-Fairfield, California all experienced declines of 5 percent or higher.

The survey also indicated that landlords of approximately 60 percent of the properties surveyed made concessions to attract renters, such as a month of free rent or savings of $200 to $500 for signing a lease on the first visit, according to the media outlet.

Last year, Oklahoma City, Columbus, Ohio, Indianapolis, Kansas City and Fort Worth-Arlington were the cities with the lowest average rental prices in the U.S., according to BusinessWeek.

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