NEW YORK (MainStreet) -- The cost of renting a home increased by nearly 7% between June 2010 and last month, yet another sign of the country's increasing demand for rentals, a report shows.

Studio apartments experienced the biggest jump in average monthly rent, which increased by 14.3%, according to

HotPads.com

, a housing search engine with 500,000 rental listings nationwide. The group analyzed changes in rental prices during the 12-month period and found that five-bedroom properties for rent experienced a similarly steep price increase of 12.1%, far outpacing the price hikes for rentals with one to four bedrooms.

The cost for rent increased by nearly 7% between June 2010 and June of this year, a report shows.

"This is a telling trend which may indicate a growing demand for rental housing among first-time renters and larger families," the company notes in the report.

Indeed, during this period national

homeownership rates

plummeted, and so did the

cost of buying a home

as many Americans remained hesitant about committing to property long term in the aftermath of the housing market's collapse.

The downside to this trend is that consumers may not only see higher price tags for rentals, but an increase in competition as well, compared with the peak of the recession. As a result, it will become

TheStreet Recommends

increasingly important

to have a good credit report, and perhaps even to appeal to landlords by agreeing to move in earlier or pay more money upfront to land the apartment or home rental you really want.

>To submit a news tip, email:

tips@thestreet.com

.

RELATED STORIES:

>>Why It's a Good Time to Be a Landlord

>>Renting Post-Recession: What You Should Know

>>Affordable Rentals May Be a Thing of the Past

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.