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Rental Units Will Soon Abound

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The $5B worth of new rental housing currently under construction in San Francisco should be good news for those struggling under the weight of the City's astronomical rental prices, but—according to the SF Business Times—whether the 8,000 new apartments that will come on line between now and 2015 will actually result in lower rent remains to be seen. Three recently completed apartment buildings—Rincon Green at 333 Harrison St., Potrero Launch at 2235 Third St., and Avalon Ocean Avenue at 1200 Ocean Ave—are either fully leased or leasing up rapidly with average monthly rents above $4 a square foot, supporting SPUR's theory that even this unprecedented supply will barely keep pace with demand, leaving rents to continue rising like the sea of young techies willing and able to pay the price. - Laura Tepper [SF Business Times]