This neat infographic from the fine folks over at ApartmentList tells you what you already know: Rents have been rising all over the Bay Area (the Bay Area, in this case, being San Francisco south to Sunnyvale. Sorry, East Bay and Marin!) While San Francisco still tops the list for highest average rent at $3,100 (normalized by number of bedrooms and other fun math stuff), the big shocker here is how much rents have risen in Silicon Valley– $750 per month more on average since January 2011. The chart raises some questions– did prices really dip in April of this year? What's going on in the East Bay? But overall it confirms what long lines at open houses and horror stories from potential tenants have been telling us: it's rough out there.
The chart is clipped from a much larger infographic (.pdf alert) ApartmentList has put together looking at tech and money, stock prices and housing. With the gap between rents in Silicon Valley and San Francisco narrowing and the abundance of company shuttles available, there may be even more tech folks moving in the future. Average prices in SoMa, for example, went up a piddly 10% compared to Mountain View's 60%. And SoMa, remember, is one of the few neighborhoods with a lot of newer, non-rent controlled construction.
What do you think, dear readers? How much of this has to do with tech company IPO's and shuttles, and how much due to just general economic recovery?
· What Tech Valuations Are Doing to the Bay Area Rental Market [ApartmentList]
· Find your New Apartment Now [ApartmentList]