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The Bay Area's housing rents are expected to rise again this year, perhaps by around 7% overall, according to Marcus & Millichap's San Francisco office.
In 2015, apartment rents rose around 10% in San Francisco, 11% on the peninsula and 12% in the East Bay, the brokerage firm reports. As new units come on the market at higher price points, they will drive up overall rental costs, according to the San Jose Mercury News. A report earlier this month put San Francisco's expected rent growth at 11% for 2016.
The average monthly rent for a San Jose apartment rose 9.4% to $2,436 last year, according to RealFacts. In Oakland, the average rose 13.7% to $2,806. [SJMN]
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