Friday, April 18, 2008
San Francisco Bay Area's teeter-totter relationship between the rental and sale housing markets extended into the first quarter, with apartment building costs rising as the real estate slump continues to frustrate would-be buyers. The average asking rents climbed over 8.8% in first quarter of last year to $1,578 as the occupancy rate nudged up 0.6% to 95.8%, according to a report. Since the year 2004, regional rent has risen to 23.7%.
The average figure includes everything from studios to three-bedroom town homes; it ranged from $1,260 to $2,562. Since the middle of March, a couple who has been hunting for a larger, one bedroom space than the converted attic apartment in downtown Berkeley where they currently located, they spend $1,100 a month now and hope to limit the new rent to $1,200. They have toured at least 10 places in Berkeley, North Berkeley and Oakland's Rockridge with no promising finds so far.
The average figure includes everything from studios to three-bedroom town homes; it ranged from $1,260 to $2,562. Since the middle of March, a couple who has been hunting for a larger, one bedroom space than the converted attic apartment in downtown Berkeley where they currently located, they spend $1,100 a month now and hope to limit the new rent to $1,200. They have toured at least 10 places in Berkeley, North Berkeley and Oakland's Rockridge with no promising finds so far.
posted by Real Estate Agent @ 2:22 AM permanent link | Post a Comment | 
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