Making It in the Bay

Silicon Valley Apartment Market Becoming Super Competitive: Report

NBC Universal, Inc.

Bay Area apartments are getting harder to find and as techies come back to the office, new numbers show the Silicon Valley apartment market has become super competitive. 

Apartment listing service RentCafe says that for every apartment that opens up in the Bay Area, 11 people apply to move in.

"It's competitive because you get put on a list, you know, and then from there, you're getting qualified to see who's the highest applicant,” said Daniel Gomez of San Jose.

This has led to higher rental prices, especially in certain cities.

"South San Francisco, Mountain View, and Santa Clara,” said Crystal Chen of Zumper.

Those cities, according to Zumper, are home to a variety of tech companies that want to see employees back in the office, and therefore, living nearby.

"The big tech giants, Apple, Google, Intel, a lot of those companies have return to work policies so people are migrating back to those, and driving rent up,” said Chen.

Another factor keeping the rental market competitive is the continued slowdown in the housing market. High prices combined with high mortgage rates mean there's not much inventory for those trying to buy a house.

People say that, until that opens up, they'll keep renting.

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