Rents in town appear to be hitting all time highs, matching a trend that prevails around the Bay Area, according to a research firm in San Francisco.
And this price rise could continue according to Nick Grotjahn with RealFacts, which collects information on complexes with 50 or more apartments.
"If the double digit rent growth continues in San Francisco, the Peninsula and South Bay, I suspect we'll see a migration to the East Bay as renters will be willing to commute further in attempt to find more affordable housing," he told Patch.
A complete list of findings is contained on the attached PDF. Selected examples show the following monthly rents:
- a one-bedroom apartment now averages $1,200 per month, up 5.5 percent in the last 12 months;
- a two-bedroom apartment (with one bath) now rents for about $1,400 per month, up 7.2 percent during the same period;
- three-bedroom, two-bath apartments are now at about $1,800, up 4.6 percent in the past year.
Why are rents rising?
A Mercury News article on the phenomenon attributes it to a combination of an improving job market and the fact that some would-be home owners are unable to buy or hold onto homes.
But given that rental properties are a market the best answer for why landlords are raising rents may simply be that they can.