Rent prices have been rising across the country, especially in the South and West according to a report issued by RentRange. The report found the biggest increases actually were in the areas when the housing market was the most depressed during the last Recession. The steepest rent hikes have happened in Cape Coral/Fort Myers, Florida, with the average rent increasing nearly 24% in the third quarter, compared to the same time last year (2014). Seven of the top ten cities with the largest rent increases were in Florida and California. While sharp rent increases are tough on financial budgets, the CEO of Rent Range pointed out that rents are “just catching up from the Great Recession.” “Rents were artificially depressed in many markets are are now normalizing,” he said. He noted that homes undergoing foreclosure were harder to rent out for nearly ten years and often charged lower rates. Now, as more properties have moved through the foreclosure/short sale system, buyers/investors can charge more normal (higher) rates. It can also be found that increasing job opportunities are attracting more workers, which is increasing demand for shelter in areas where new housing starts were nonexistent for over a decade.