honobob
Thinks s/he gets paid by the post
- Joined
- May 8, 2006
- Messages
- 1,036
Looks like a pretty good time to be a landlord or at least to not be renting. What are rents doing in your area?
San Francisco apartment rents climb fast in Q3
San Francisco Business Times - by J.K. Dineen
San Francisco apartment rental rates continued to rise in the third quarter, outpacing every city in United States except Seattle and Tacoma, according to a new report from Reis Inc., a New York-based research firm.
Asking rents in San Francisco have shot up 6.3 percent since the third quarter of 2007 to an average of $1,827 a month. Tacoma rates rose 7.3 percent while Seattle increased 7.1 percent. San Francisco rents are second only to New York, where renters shell out an average of $2,855.
The report comes as three major rental projects are under construction in the city: Trinity Properties' 1,900-unit development at 1169 Market St.; Avalon Bay’s 260-unit project at 355 King St.; and Urban Housing Group’s 192-unit project at 555 Mission Rock Blvd. In addition, New York developer Crescent Heights is considering building rentals rather than condos at its entitled two-tower development at 10th and Market.
Nationwide, the vacancy rate for U.S. rental apartment buildings rose to 6.1 percent in the third quarter as falling wages and a lack of jobs kept potential renters off the market, Reis reported. The average monthly asking rent rose 0.6 percent from the second quarter to $1,053, the 26th consecutive quarter that rents increased or stayed the same.
San Francisco apartment rents climb fast in Q3
San Francisco Business Times - by J.K. Dineen
San Francisco apartment rental rates continued to rise in the third quarter, outpacing every city in United States except Seattle and Tacoma, according to a new report from Reis Inc., a New York-based research firm.
Asking rents in San Francisco have shot up 6.3 percent since the third quarter of 2007 to an average of $1,827 a month. Tacoma rates rose 7.3 percent while Seattle increased 7.1 percent. San Francisco rents are second only to New York, where renters shell out an average of $2,855.
The report comes as three major rental projects are under construction in the city: Trinity Properties' 1,900-unit development at 1169 Market St.; Avalon Bay’s 260-unit project at 355 King St.; and Urban Housing Group’s 192-unit project at 555 Mission Rock Blvd. In addition, New York developer Crescent Heights is considering building rentals rather than condos at its entitled two-tower development at 10th and Market.
Nationwide, the vacancy rate for U.S. rental apartment buildings rose to 6.1 percent in the third quarter as falling wages and a lack of jobs kept potential renters off the market, Reis reported. The average monthly asking rent rose 0.6 percent from the second quarter to $1,053, the 26th consecutive quarter that rents increased or stayed the same.