Like everyone else seeking a refuge from high prices, even the increase in San Francisco rents is now moving to Oakland.
"Huge Surge" In Oakland, San Jose Rents
San Francisco's rental bubble is spilling over into the South and East bays.
Like everyone else seeking a refuge from high prices, even the increase in San Francisco rents is now moving to Oakland and San Jose. Marianne Favro reports. (Published Friday, Oct 19, 2012)
Friday, Oct 19, 2012 Updated at 6:08 PM PST
Asking prices for apartments in the East Bay city are experiencing a "huge surge," according to the San Francisco Chronicle. "It's a spillover from the growth occurring in San Francisco," experts told the newspaper, which estimated that Oakland is still $800-a-month less expensive than San Francisco.
Though that spells out into units in Oakland on the market at a $1,925 monthly rent, the newspaper reported. One bedrooms average $1,761, a 20.1 percent increase from 2011, according to real estate lister RealFacts, the newspaper reported.
San Francisco's average rent at "new complexes" is $2,768, and San Jose's is $1,845, the newspaper reported.
One couple, returning to the Bay Area after four years in Denver and Brooklyn, experienced "sticker shock," the newspaper reported.
Jennifer Renner says she rented a one-bedroom in a nice part of Oakland for $875 a month. And Matt Renner says he rented a three-bedroom house in the Lower Haight for $3,000. And now both "have almost doubled," the newspaper reported.
"These places are 600- to 900-square feet," another shocked apartment-seeker said, "and they're charging three grand a month."