It may not come as a surprise, but living in the Bay Area costs a pretty penny.
The rate of cost increase is lingering anywhere between 9 to 12 percent, according to research from RealFacts.
“The demand is created by the employment and knowing that, a lot of developers piled into the area where there’s huge demand and not a lot of supply,” RealFacts Nick Grotjahn told the San Francisco Business Times. “The supply that’s coming online is going to try to meet that demand, but it’s not going to over supply the market.”
It may be a harsh winter for much of the United States, but the market could not be any more competitive in northern California. Trulia recently released its Rental Price map and it found that rent in San Francisco specifically is increasing three times the rate of the United State’s average of 3 to 5 percent.
One of the scariest parts about Trulia’s map is that it goes by price per bedroom. If you’re an aspiring San Francisco tenant, we have to warn you that San Francisco Gate’s Anna Marie Erwert wrote that “[t]he insanity is by no means localized to one neighborhood or one type of apartment.”
Expect to pay anywhere between $1,500 to $1,900 for a single bedroom — not the entire apartment unit. It may sound painful to hear in San Francisco, but over in the Silicon Valley of San Jose, Sunnyvale and Santa Clara, units are priced at over $2,100 on average.
“While rental rates did not rise as fast in 2013 as they did in previous years, the Bay Area saw strong gains compared with the national average of 5.1 percent growth,” San Francisco Bay Times’ Blanca Torres explained.
Who is to blame for these staggering rentals? Erwert believes the tenants who agree with these propositions are, even though those same individuals could say it is due to a lack of construction. Regardless, it is pertinent to consider alternatives in this costly market. One option is to look into purchasing quality office furniture for your place.
At first glance, going with this approach may sound uncanny; but there are some items at a northern California used office furniture store that can work in a home or apartment setting. We have an array of couches, tables, and bookcases that can had a warm touch to your place. The best part about purchasing lightly used commercial pieces is that they cost a fraction of the cost of brand new pieces without sacrificing quality.