Bay Area Rents Climb, East Bay Jumps 10 Percent In 3 MonthsOctober 30, 2013
While the vacancy rate for apartments throughout the Bay Area has ticked up from 3.1 to 3.9 percent, according to Cassidy Turley the average rent has ticked up from $1,851 to $1,897 a month, two percent below its first quarter peak of $1,941.
The average rent in San Francisco is now $3,266 a month, up 3 percent over the past three months and 18 percent higher year-over-year. The average studio in San Francisco now rents for $2,434 and one-bedrooms for $2,980. The vacancy rate in San Francisco is currently 3.6 percent, up from 3.3 percent in the second quarter of 2013.
The average East Bay rent jumped 10 percent in the third quarter and now averages $1,681 a month with studios renting for $1,268. The average rent is up to $1,674 in the North Bay.
And while the vacancy rate has increased from 3.1 to 4.6 percent in San Mateo, the average rent has ticked back up to $2,148 per month, even year-over-year. Studios in San Mateo now rent for an average of $1,446 a month and apparently a number of new projects on the Peninsula won’t even consider prospective tenants that earn less than $75,000 per year.
Over the past two years, the average rent in San Mateo has increased by 15 percent, it’s up by 17 percent in the East Bay and it’s up by 27 percent in San Francisco.
Comments from Plugged-In Readers
That’s an average rent. In the best zip codes rents are already way past 3K for 1BRs and often 4K for 2BRs.
And in the mission it’s one big Ellis-act-meets-Latino-artists-meets-rich-landlords-meets-bad-rent-control-meets-google-piñata-bus-protest.
Waa waa wee waa.
Rental adjustments lag many months behind vacancy statistics.
The real news here is the 25% _increase_ in vacancy. And this is before the many thousands of units being built come on line.
Did we just hear the bubble pop?
two beers…don’t count on it. lots of jobs, lots of renters, and still not enough apartments. and you can go ahead and disregard all of the upcoming “the rental market has slowed” discussions that happen during the holidays. It happens every year and by february we’ll pick up right where we left off.
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