Data Shows Tech Workers are Squeezing Rents in Bay Area, Silicon Valley

Bay Area's biggest-in-the-country rent hikes are due to tech, report says

By Chris Roberts
|  Monday, Feb 10, 2014  |  Updated 1:32 PM PDT
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Data Shows Tech Workers Squeezing Rents

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Yes, it's true.

Tech is making the rent too damn high.

Data unearthed by CNN Money reveals that the 12.3 percent increase in San Francisco rents -- the highest in the country, by far -- are due to tech workers' well-paying jobs.

The average tech worker is paid over $100,000, CNN Money reported, with other private sector workers earning an average of $38,600.

Rents in San Francisco have gone up by as much as $1,000 over the past few years in some neighborhoods -- and tech is the cause, CNN Money said.

Asking prices in San Francisco and Oakland have risen 16.2 percent and 24.4 percent, respectively, according to Trulia data.

Seattle is feeling it as well: rents in Ballard, which used to be blue-collar, are doubling, CNN Money reported.
 

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