VILLA SAVE, Va.
— The new real-estate boom is making cities around the world more livable.
The new global real-torium boom, however, is taking some cities by surprise, with many cities seeing rents jump or even fall.
Here are the big surprises: In France, the market is not going away.
In fact, rents in Paris and London are still rising.
The question is how far will that go?
“The biggest shock is the decline in rents in Berlin,” said Louis Breguet, chief economist at RBC Capital Markets in London.
Berlin’s rents fell 7.2 percent in the past year, while Paris’s fell 3.7 percent.
The market is now a bit smaller than it was in 2006, before the global financial crisis.
In Germany, where rents are also down, they are up 2.7 percentage points, the second-biggest jump in Europe after Spain.
“The average price per square foot in Berlin is about 30 percent higher than in London,” said Andreo Boddi, chief investment officer at S&P Global Advisors in London, which tracks real- estate markets.
That’s partly because Berlin has more than twice the population and more than three times the population density of London, Boddis said.
London is the most expensive major city for renters.
Its average cost per square feet is $1,929 in Paris, up from $1:867 in 2013, according to data compiled by Zillow.
New York’s real-tourism boom has also been a surprise.
Its rents have fallen for five straight quarters, with the biggest falls in Manhattan, New York, Los Angeles, Chicago, Philadelphia and Dallas, according, to data from realtor.com.
The drop in rent prices in New York and San Francisco is a surprise because their rental rates were high before the economic downturn.
In Chicago, rents have also fallen for six straight quarters.
“This is probably a more pronounced downturn than you’d expect for Chicago,” said David C. Reeder, an economist at the University of Illinois at Chicago.
In the Northeast, rents are dropping for the first time in seven years, though the slowdown in rental growth in New England has helped keep prices in that area steady.
“New England has not been hit as hard as the Northeast,” said Andrew W. Robinson, chief executive of the National Association of Realtors.
He added that New England’s rental growth is a reflection of the region’s strong economy.
But there’s no reason to think the Northeast will see another big drop in rents.
The Northeast is seeing rents fall for the second time in three years.
Renters in New Jersey, Connecticut and Rhode Island are paying more than they were in the previous year.
In New York City, rents rose 4.7% in the year ended March.
The region also saw a 6.5% decline in the number of people renting apartments.
But rents are rising in most other cities, according.
New Orleans and Atlanta are both seeing rents rise.
And rents are up in a few other cities: Minneapolis, which is home to Minneapolis-St. Paul International Airport, rose 2.4% in 2015, according the Real Estate Board of New York.
Seattle’s rents are climbing faster than in many other cities.
In July, rents jumped 7.5 percent, up almost three times as much as the national average, according Reeder.
“Seattle is going to be one of the most vibrant cities in the world, and people are going to want to be able to live in the city,” said Jim Goss, chief global economist at Zillower, an online real-networking platform.
The trend has not stopped at the top of the heap.
The average price in Los Angeles for a two-bedroom apartment was $2,400 in June, up 3.4 percent from a year earlier, according Realtor.
“I don’t know if that’s a good sign or a bad sign,” said Brian McDonough, chief of real-property for brokerage broker Jefferies in New Orleans.
“You don’t want to see people struggling to pay rent.”
The housing market in places like Los Angeles and New York is still recovering from the financial crisis and the slow recovery.
But the market has been slower to catch up with new developments.
“In Los Angeles there are a lot of young people looking for a place to live and there are also some very old people looking to retire,” said Richard Johnson, an analyst at CBRE Group.
The growth of millennials in some cities is helping the real-market rental market in those cities.
But some older people may not be as keen on staying put.
“When you start looking at this kind of growth rate, it doesn’t sound like the real estate is going anywhere,” said Rob Balsamo, president of the realtor site Trulia. “If