San Francisco red-hot startup activity is not only inflating the commercial real estate market, but it is also having an impact on the residential rental market, data shows. Since January 2011, annual rents are up by $5000 but things are even worse down in the Peninsula. Some are blaming it on the IPO market, but I personally think it is more and more people moving to SF Bay Area, working for tech startups and thus putting pressure on the local real estate market.
While we’re happy that our tech-driven economy is rebounding, renters are getting hit hard on prices, especially on the Peninsula (which we’re categorizing as Daly City, Palo Alto, Menlo Park, Mountain View, San Bruno, San Mateo and Sunnyvale).
Over a 16-month period, asking rents in those cities went up an average of 44%. At the same time, San Francisco rents went up around 19%. Also a very large jump. Last January rent in San Francisco was $900 more expensive than on the Peninsula, on average. Today, the difference is only $650.
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