This morning the chronicle reported that Bay Area rents are up. That’s no surprise to folks that cannot afford to buy, but have been looking for a place to call home in sF. There seem to be a few explainations for the high rents and low occupancy numbers.
1. Bay Area companies are continuing to hire employees at a fast pace
2. People are losing their homes due to foreclosure or
3. People are waiting for the housing bubble to completely deflate
4. Lending practices have tightened, keeping more people from purchasing
Some Stats:
1. Current occupancy rates hover around 95 percent, according to a quarterly rental survey by RealFacts.
2. Average rent for an apartment in San Francisco stood at $2,243 in the third quarter, up nearly 12 percent from one year ago; in San Jose, the average rent also jumped 12 percent to $1,622. Across the nine counties, the average rent in the third quarter was $1,539, up 9 percent from $1,411 twelve months ago.
Bay Area rents jump, especially in S.F. and San Jose [sfgate]
San Francisco apartments for rent [craigslist]
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