The housing market nowadays seems to be going up and down, side to side, and in loops. For anyone looking for rent or purchase a new property, I understand what you’re going through. It’s crazy out there.
Let’s take a look at the current rental market trends in San Francisco and what you can do to stay on top.
Everybody asks, so why are the rents so high?
Let's start off with the cause for high rents. The constant rise of tech companies in the Bay Area is directly contributing to the increase in population. Companies like Uber, Workday, Facebook, Google, are hiring talent from outside of the area and bringing them in here. The problem is there’s not enough places for them to live. And we can’t even convert things quick enough. The supply and demand is unbalanced.
So where is the market going?
That’s the golden question. CurbedSF in September 2016 pointed out: “A one bedroom is $3,420, and a two bedroom is $4,720, down 2.7% year over year and 0.8% since last month.” Over the past year because of the global economy, new election, and job crisis, the pace of rent increases have been up and down in the Bay Area. The supply market is unstable and even shows signs of slowing down. However the demand still will be consistent over the next months.
What can a renter do?
First, think about your day. What kind of schedule do you have? Maybe, you could take Bart or Caltrain and live a little farther away than you wanted to. Hidden lofts are found in neighborhoods in Oakland or new construction in Burlingame. Look around. Because of the “Looney Tunes” housing market in the “Sillycon Valley” and the rest of the Bay Area, you may have to give something up to get what you want.
These are only my thoughts on the Bay Area however like always, you probably have your own thoughts. Have you felt the change in the SF housing market? Let me know in the comments below.
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