Bay Area Leads Country in Rent Increases

6.8 percent jump in Bay Area rents leads the country.

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    NEWSLETTERS

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    Instagram image of the Golden Gate Bridge

    It's been official for quite some time, but in case you weren't sure -- the rent is indeed rising.

    Rent in San Francisco jumped another 7.8 percent during the second quarter of 2013, the Wall Street Journal reported, the sharpest spike in the country.

    The average unit fetches $2,498 in San Francisco -- and Oakland and San Jose are not far behind, the newspaper reported.

    Oakland was No. 2 in percentage increase, with a 6.9 spike, and San Jose is fifth in the United States in increases in rent at 5 percent, the newspaper reported.

    Bay Area-wide, the 6.8 percent jump in rent was double the national average.

    This has spelled economic boom time -- for landlords and investors, the newspaper reported.

    The Journal tells the story of a 28-year old woman whose 5-bedroom house in San Francisco was renting for $6,000 a month -- until it was sold to an investor. Now it rents for $11,000 a month, the newspaper reported.

    San Francisco added 31,000 jobs in 2012, the newspaper reported, and did not add as many housing units in the city of 800,000. Another couple left Chicago for jobs in the Bay Area -- and saw their rents double.