"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.
Like everyone else seeking a refuge from high prices, even the increase in San Francisco rents is now moving to Oakland.
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."
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