Home rentals skyrocket nationwide

July 4, 2012 7:25:41 PM PDT
The housing crisis has pushed more folks into rental units and the result is skyrocketing rental prices, especially in San Francisco.

The real estate website Trulia says rents are up an average of 5.4 percent nationwide, while home prices rose less than 1 percent.

San Francisco saw the highest rent increases in the nation of any large city. Tenants in San Francisco are paying nearly15 percent more than last year. Oakland was second highest at 11 percent.

Demand for rentals grew as more folks lost their homes to foreclosure.