Monday, October 28, 2013

Average San Francisco Rent Climbs to Over $3,000 per Month

Bernanke money printing is acting like a tornado travelling up from Silicon Valley into San Francisco.

The San Francisco Chronicle reports:
Rents in San Francisco are escalating at breakneck clips this year, largely driven by an influx of tech workers. Oakland and San Jose likewise are seeing steep run-ups.

San Francisco's bigger apartment complexes saw average asking rents break the $3,000 mark in the third quarter, hitting a record $3,096 across all size units, according to data service RealFacts. That's an 11.9 percent bump from the same time last year.

Median asking rents for San Francisco apartments listed on clocked in at a record $3,398 in the third quarter, up 21 percent from 2012, said apartment-finding company Lovely.

"Rents are rising faster in San Francisco than almost anywhere else in the country," said Jed Kolko, chief economist with housing service Trulia. "Rising rents are a bigger challenge than rising home prices, especially in a place like San Francisco where buying is out of reach for many middle-class and lower-middle-class people.

And this is before all the Twitter employees get to cash out on their Twitter stock. Then prices will really soar.

1 comment:

  1. Sounds like San Francisco would benefit from Bill de Blasio's "comprehensive affordable housing plan." Maybe you folks could bring back Art Agnos to carry it out!