The Bay Area Rental Market Surges

News

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.