The San Francisco Bay Area is full of high-end real estate because it’s such a popular spot to live. Between the great views and endless local attractions, many residents of the city would give an arm and a leg to be able to afford an apartment in San Francisco.
Unfortunately, new rental trends for 2014 predict that the dream of living on the bay may be even further out of reach for some people. Here’s a look at the changes you’ll see in the San Francisco rental landscape:
Prices Continue to Increase
The average annual rent price of a San Francisco apartment has increased significantly in the last year–it’s up 4.7 percent from 2013. In fact, the average price of rent in the neighborhoods that make up the Bay Area ranges from $2,000 to $3,000 a month.
These figures are striking, as they are record highs for the Bay Area. While many wonder if real estate will continue to be such a hot commodity (especially once new units pop up), most experts feel that 2014 will prove that rent can keep climbing.
More Companies are Building
Despite the price of rent in the heart of San Francisco, rental trends indicate that people will still move to the area. Those who work nearby want to avoid commuting and will pay large sums to live in a nice, convenient location.
Because the demand for housing remains strong, developers are planning more building projects. San Francisco locals are sure to see new apartments springing up throughout the year, which will hopefully translate to decreasing rental costs in the future. For now, you’ll still have to deal with high demand and skyrocketing rent.
Finding an Apartment Requires Diligence
While popular rental locations in the Bay Area remain in short supply, people looking for an apartment will have to fight for what they want. Rental companies may have a unit tour scheduled for as many as 80 people a day. Those who attend such a showing must bring all their necessary rental paperwork with them if they hope to sign the lease immediately (and if they don’t, the unit could be gone by the next tour group). In this bull market, you may really have to fight your way to renting.