New Rental Data Report Reveals Strong Rental Market in Q1 2008

Investment Instruments Analyzes Changes in Rent for 2007 and 2008
in 12 Metro Areas
NEWTON, Mass.--(Business Wire)--
Investment Instruments Corporation (IIC), the only company devoted
to increasing transparency in the real estate market, today released
its Q1 Rental Report for 2008, comparing rental rates in Q1 2007 with
Q1 2008. The report analyzes the cost of renting in 12 major metro
areas for the months of January, February and March to show how much
the rental market has fluctuated nationally and in local markets.

In light of the continuing housing market decline, experts expect
a rental market boom particularly in highly populated metro areas. As
the Q1 Rental Report demonstrates, market factors like job growth
influence local rents differently. However, the broader trend in the
data indicates the rental market continues to strengthen nationally--a
hopeful finding amidst the mortgage meltdowns. One factor may be the
increased number of renters waiting out the market coupled with
investors and property owners who are buying foreclosed homes at lower
prices, then managing them as rental properties.

"Real estate is a business and it's all about supply and demand,"
said Allison Atisknoudas, CEO and co-founder of Investment
Instruments. "On one hand, the number of foreclosures has increased
the inventory of homes on the market, contributing to lower pricing.
Yet, many first-time homebuyers and investors are reluctant to buy now
as they fear the market may continue to decline, resulting in
continued loss in value and a growing population of renters and
landlords."

Using the Rentometer, the Web's leading source for national rental
rate comparison, Investment Instruments compiled the median monthly
rents in Q1 2007 and Q1 2008 for 12 metro areas. The report also
indicates the percentage of change in rent for each area and for all
the areas in total. To further exemplify the cost of living for
renters in each metro area, Investment Instruments included Q1 2007
and Q1 2008 rates and percentage of change in rent for two-bedroom
units in each metro area.

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Median Rent Comparison by Metro Area: Q1 2007 vs. Q1 2008
Data indicates median rents for Q1 2007 and Q1 2008, with the % Change
in Value for 12 metro areas.
"Q1" refers to January, February, March.
% Change
Metro Area Q1 2007 Q2 2008 2008-2007
Atlanta $1,007 $986 -2.1%
Austin $936 $907 -3.0%
Boston $1,593 $1,645 3.3%
Chicago $1,328 $1,355 2.0%
Las Vegas $1,053 $1,056 0.2%
Los Angeles $1,638 $1,699 3.8%
Miami $1,411 $1,368 -3.0%
New York $1,606 $1,751 9.0%
Phoenix $1,035 $939 -9.3%
San Francisco $1,579 $1,810 14.6%
Seattle $1,098 $1,211 10.3%
Washington, D.C. $1,608 $1,687 4.9%
ALL METROS $1,324 $1,368 3.3%
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Median Rent Comparison: Least to Most Expensive Median Rents in Q1
2008
% Change
Metro Area Q1 2007 Q1 2008 2008-2007
Austin $936 $907 -3.0%
Phoenix $1,035 $939 -9.3%
Atlanta $1,007 $986 -2.1%
Las Vegas $1,053 $1,056 0.2%
Seattle $1,098 $1,211 10.3%
Chicago $1,328 $1,355 2.0%
ALL METROS $1,324 $1,368 3.3%
Miami $1,411 $1,368 -3.0%
Boston $1,593 $1,645 3.3%
Washington, D.C. $1,608 $1,687 4.9%
Los Angeles $1,638 $1,699 3.8%
New York $1,606 $1,751 9.0%
San Francisco $1,579 $1,810 14.6%
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Median Rent Comparison: Greatest Decline to Greatest Increase
% Change
Metro Area Q1 2007 Q1 2008 2008-2007
Phoenix $1,035 $939 -9.3%
Austin $936 $907 -3.0%
Miami $1,411 $1,368 -3.0%
Atlanta $1,007 $986 -2.1%
Las Vegas $1,053 $1,056 0.2%
Chicago $1,328 $1,355 2.0%
ALL METROS $1,324 $1,368 3.3%
Boston $1,593 $1,645 3.3%
Los Angeles $1,638 $1,699 3.8%
Washington, D.C. $1,608 $1,687 4.9%
New York $1,606 $1,751 9.0%
Seattle $1,098 $1,211 10.3%
San Francisco $1,579 $1,810 14.6%
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Of note, the Rental Report data shows median rents across the
board increased by 3.3 percent in Q1 2008 versus in Q1 2007, which is
consistent with the average cost of living increase. However, San
Francisco, Seattle and New York City had the greatest percent
increases in rent while Atlanta, Austin, Miami and Phoenix had the
greatest percent decreases.

NOTE TO EDITORS: To view the full report, please visit IIC's Press
Downloads Page. If you are interested in a detailed report for a
specific area or expert commentary, please contact Anna Dreyser at
investmentinstruments@schwartz-pr.com or (781) 684-0770. To compare
rents by neighborhood, visit the free Rentometer site at
www.rentometer.com.

About Investment Instruments

Investment Instruments Corporation (IIC) offers the unique
property management tools Rentomatic and Rentometer that increase
transparency in the residential real estate market to strengthen
relationships between real estate managers, their tenants and the
professionals who support them. IIC was founded by an executive team
with a strong history in real estate and technology. For more
information about Investment Instruments Corporation, please visit
www.investmentinstruments.com.

Schwartz Communications, Inc.
Anna Dreyser, 781-684-0770
investmentinstruments@schwartz-pr.com

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