Source: mercurynews.com | Re-Post MNM Partners, LLC 12/21/2017 –
A new report dissecting rent trends across the Bay Area is filled with bad news for tenants. With a handful of exceptions, today’s rents are higher in most of the region’s cities than they were a year ago.
The fastest rent growth was in Concord, where year-over-year rents were up 7.3 percent, according to the report from the ApartmentList.com website. A median two-bedroom apartment in Concord now rents for $3,010 and a one-bedroom fetches $2,400.
The region’s highest rents are in Cupertino, where a one-bedroom costs $3,990 monthly and a two-bedroom brings $5,000. The cheapest rents are in Oakland, where a one-bedroom costs $1,760 and a two-bedroom rents for $2,210. Almost as cheap is Campbell, where a one-bedroom fetches $1,890 and a two-bedroom goes for $2,370.
Of course, the year-over-year increases are not nearly what they were a couple of years ago when debilitating double-digit increases were the norm. But the fact remains: Even so-called modest increases are hard for many renters to handle.