With all of the problems in the real estate market, some are choosing to rent rather than buy. Actually, it should be said that some have to rent and cannot buy. This is pushing up the demand for rental units, and an increase in the rents. According to Realty Times, www.realtytimes.com, rents have increased 3.3% in the last quarter in San Francisco. San Francisco is posed to see an annual growth rate in rents of 13.2 percent. The vacancy rate for rental properties in San Francisco is currenty 4% and may go even lower due to the increased demand in rents.
So, what does this all mean?
For the owner, this is great. Granted, you have rent control in San Francisco. However, if a unit becomes vacant, you can now bring it up to the market rate which keeps increasing due to the current situation.
For the renter: If you can afford to buy, do so. Get your ducks in a row. Make sure you know your credit score, and kiss your landlord goodbye. All things considered, you cannot rent a one bedroom apartment with parking and laundry in a decent area for less than $1800/month. Just check www.craigslist.com. You’ll see.
For more stats, questions, comments….contact me.
Melissa Casciato
(415) 490-7998
www.buysellSFhomes.com
melissa@buysellSFhomes.com
Filed under: Real Estate | Tagged: rent, San Francisco real estate, vacancy
