For new renters, or people looking to move to a new rental, we have not such great news. None of which should come as a surprise. According to the San Francisco Business Times, the rental vacancy rate in town is at 3.2% and rents are up 9%. Even bleaker is San Mateo County, with vacancy rates at 3.2% and rents up 11%. We're assuming these numbers are year-to-year, but it's the tightest rental market since the dot.com glory days of 1999. Despite reports that California is losing population, the nine Bay Area counties are expected to add 30/35K new residents this year. In San Francisco, while developers are putting up 1100+/- units in Mid-Market which may be ready in 2013, good luck finding something right now in the grey area between high-priced condos for rent or previously-owned Winnebagos parked under the freeways. Maybe it's time to resurrect the shorter Rincon Tower project (above, circa 2006) as a rental?
· San Francisco Apartment Vacancies Sink to 3.2% [J.K. Dineen/SF Business Times]
· Mid-Market: Twitter Tax Breaks in Bricks, Mortar, and Curtain Wall [Curbed SF]
· Rincon Hill's Little Brother Could Actually Be Built Soon [Curbed SF]
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