We all know how expensive it
already is to live in Silicon Valley today, but it looks like rents are continuing to climb. In 2013, the national average for apartment rent rose 5.1% to $1,093 per month. The list of metros across the country where rents appreciated the most was entirely dominated by the Bay Area. In fact, the region took the top 3 spots in the list, with San Jose coming in second:
- Santa Rosa Metro: 12.2% growth (average rent of $1,438)
- San Jose Metro: 10.1% growth (average rent of $2,153)
- San Francisco Metro: 9.8% growth (average rent of $2,044)
With the local economy and job market continuing to heat up and the demand for housing outpacing supply, we may see similar rent increases for 2014.
Source:
SVBJ
This is nothing to be proud of. I appreciate this blog's posts about all the exciting new projects/cultural events in San Jose, but I fail to see how an average $200 monthly increase in rent should generate any excitement.
ReplyDeleteWell, it shows there is demand for people wanting to live in San Jose... (although not exactly great news for those renting in San Jose)
DeleteIt should stimulate building more dense units. That's a good thing.
Delete