Now that housing prices are holding steady in many areas or even dropping, the rental market is heating up. According to the Vallejo Times Herald:
In the first quarter of 2007, Bay Area rents for all sizes of apartments rose an average of 8.3 percent to $1,450 from the first quarter of 2006, according to a report to be released today by Novato-based RealFacts. Occupancy rates declined 0.1 percent to 95.3 percent.
The largest increase in rental amounts was seen in Santa Clara County, which rose by 12.1%.
As more people go into foreclosure as their ARM mortgages shoot up and tech continues to surge, we can expect the rental market to continue to remain hot.