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OMG! SF Rental Rate Hike Highest in U.S.!

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"In other coastal cities where the job market, housing market, and population growth have been robust, rent increases have accelerated. San Francisco was the top-ranked metro area for rent hikes last year. The effective rents jumped 10.3%, to $1,764, in 2007, compared with a 7.7% increase in 2006 and a 3.8% increase in 2005." Quoth a local apartment manager: "a lot of people coming from out of town are paying the higher prices." Swanson says there's heavy demand for entry-level apartments, particularly studios, which are commanding higher rents." Nobody's winning this war, folks. [Business Week]