Why Are Rent Prices Increasing in the Bay Area?

Housing prices have steadily dropped all over the Bay Area over the last few months, but not enough to bring many buyers back into the market.

The latest real estate landscape in the region has led to a jump in local rent prices.

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With rent prices high, young people are especially caught in a bind.

In fact, a study from real estate website Zillow says anyone making a minimum wage of $17 an hour will need nearly three incomes to afford to rent a one-bedroom home in San Francisco.

NBC Bay Area's Scott Budman has more in the video report above.

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