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National rental prices climb in June

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Rental listing prices nationwide rose 6.7 percent year-over-year in June, according to a report from real estate search site HotPads.The report was based on the median listing prices of 500,000 rentals on HotPads.com across major U.S. metro areas between June 2010 and June 2011.When broken down by number of bedrooms, the data showed studios and five-bedroom homes experienced the biggest rental price hikes. Monthly rent prices for studios rose 14.3 percent, to a median $833. For five-bedroom homes, rents rose 12.1 percent to a median $2,727. "This is a telling trend (that) may indicate a growing demand for rental housing among first-time renters and larger families," the report said. Monthly rents for one-bedroom homes rose a more modest 2.3 percent to a median $851. Rents for two-bedroom homes rose 2 percent to $1,020; for three-bedroom homes, up 4.2 percent to $1,295; and for four-bedroom homes, up 5.3 percent to $1,832.As in a previous report, HotPads said "built-up de...