Source: bisnow.com | Re-Post MNM Partners, LLC 4/4/2018 –
The Bay Area’s largest metros have had the highest multifamily rent growth since the beginning of the cycle compared to all other U.S. metros. Data from RealPage indicates San Jose’s rents jumped the most, increasing 52.4% since 2010. Oakland’s rents grew 51.1% and San Francisco’s rents are up 48.6% in the same time period.
Four other West Coast metros posted rent growth in the 40% range, with Denver, Portland, Seattle and Sacramento rounding out the top seven rent-growth leaders in the country. Comparatively, U.S. apartment rent growth averaged 28.5% since 2010.
“These are attractive living environments,” RealPage Chief Economist Greg Willett said. “These are pretty solid economies relative to some other places and some of these have really solid economic growth and job production.”
San Francisco’s average rents as of Q4 are at $3,288, the highest of any U.S. metro except New York. San Jose’s rents are at $2,680, while Oakland has reached $2,259.