Wednesday, July 16, 2014

San Francisco Area Rents Soar as Fed Money Flowing Into Silicon Valley Works Its Way Into the City

The cost of renting an apartment in the Bay Area continues to soar to atmospheric levels, despite the fat that Paul Krugman continues to be concerned about deflation.

The average asking rent in the nine-county Bay Area hit $2,158 a month in the second quarter — an increase of 5.6 percent from the first quarter and 10.3 percent from the second quarter of last year, according to a survey by RealFacts.

San Francisco continued to have the highest rents — $3,229 on average, up 5.6 percent for the quarter and 9.4 percent year over year. The average rent is for market-rate apartments and town homes ranging from studios to three-bedrooms in complexes with 50 or more units.

But Oakland had the biggest percentage gain. The average asking rent there jumped to $2,421 in the second quarter, up 10.6 percent from the first quarter and a whopping 19.1 percent year over year.

In San Francisco, rents in the second quarter averaged $2,583 for a studio, $3,042 for a one bedroom/one bath unit, $4,248 for a two bed/two bath unit and $4,039 for a three bed/2 bath apartment.


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