Rentals rates are determine by supply and demand. Currently the job situation is so bad I don't see a huge demand in rents.
The average consumer expects home prices to decline by at least 0.5% in the next 12 months, according to a new monthly consumer survey from Fannie Mae.
That forecast reverses the trend from May when most consumers interviewed by the government-sponsored enterprise said they expect at least a slight home price increase in the next year
And the rental rates....
Read it allThe survey underscores some of the trends taking hold in the housing market, with most Americans expecting a 3.9% rise in rental prices as fewer consumers take the homeownership route. About 44% of the 1,000 Americans interviewed expect rental prices to rise, compared to 39% last year