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Renters go downtown to save on gas, commuting

Pictured is Associated Press writer J.W. Elphinstone, June 16, 2008 in New York. (AP Photo/Mark Lennihan) By J.W. ELPHINSTONE AP Business Writer (AP) - Sick of filling up the tank for sixty bucks? Considering a place near work downtown and tossing the car keys? Prepare to pay higher rents as more like-minded apartment dwellers flock to urban digs. Nationwide, rents near job centers and mass transit are rising faster than other areas, according to New York-based real estate research firm Reis Inc. The trend is strongest in Boston, Philadelphia, Cleveland, Chicago, Seattle, Baltimore and Minneapolis, and Portland, Ore. And already in downtown San Diego, for example, rents have jumped 15 percent in the last year to between $2,400 and $2,600 a month for a two-bedroom apartment, said Greg Neuman, owner of Neuman & Neuman... [read full story]                    

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