'Frisco rent is the highest

April 07, 1991|By McClatchy News Service

San Francisco renters pay the highest monthly rent in the nation -- an average of $794 for a small, two-bedroom apartment, according to a survey by the National Apartment Association.

Those in Los Angeles paid almost as much, $791, while Washington, D.C., tenants were a somewhat distant third at $690. Other cities recognized as high-rent areas included New York City and Boston.

Not surprisingly, the survey of 43 metropolitan areas found that cities with a surplus of vacant apartments had the lowest rents. In Oklahoma City, rents for a two-bedroom unit averaged $272 per month. In Colorado Springs, the average was $285.

The cost of a similar-sized apartment in the Sacramento area falls near the middle of these extremes. Average rent for a two-bedroom, one-bath unit during the fourth quarter of last year was $486.

A recent study by the accounting firm of Arthur Andersen & Co. shows that a higher percentage of middle-income people in Australia and Italy own homes than do people in the United States, where the percentage of homeownership has declined in recent years.

It also found that the average home is bigger in Brazil, Australia and the Netherlands.

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