Bad news for those trying to make it in the Bay, as the pandemic wanes rents are rising.
New numbers show rents around the Bay Area are back to nearly pre-pandemic levels, about 10 to 16% increases in rent in just the last few months.
San Mateo topped the list, followed by San Francisco and then Union City.
“They’re like ‘oh yeah it's going up, we’ve gotten that notice it's like $1000 more, $500 more and we just can’t afford it,” said San Mateo renter Sandy Lopez-Renter.
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Lopez and her roommate share a two bedroom apartment in San Mateo. Rent is over $2,500 -- a good find for the area.
They moved in right when prices started dropping because of the pandemic. But, Friday she’s bracing for what friends and family have already received in their mailbox -- a rent hike notice.
“it might take a big toll on us or we might potentially downsize to a one bedroom apartment or a studio,” said Lopez.
Local
Apartment List has been tracking rent hikes around the Bay.
Last month, San Mateo, San Francisco and Berkeley saw the largest increase.
And in the last year, still on top, San Mateo with a 16.5% jump.
San Francisco, at 15.6%, and almost 15% increase for Union City.
“It’s way above the pre-pandemic rents that we had,” said Matthew Pieraldi, Bay Area ambassador-relocation consultant.
Pieraldi is with Community Connections, a company that helps people relocate.
“Mountain View, one bedrooms are almost sold out so you have the ones that are available going for $3,500 if it’s Castro Street or near the crossing streets in San Antonio or El Camino, those prices we haven’t seen since before the pandemic,” said Pierladi.
He said the hikes are due to renovations during the pandemic, and people are getting back to work.
“The big companies didn’t stop hiring but people did stop moving,” said Pierladi.
