Rents Increase in the Bay Area as Homeownership Falls

Bay Area rent rates are on the rise as former homeowners struggle to find homes after foreclosure or mortgage payment issues. In counties like Santa Clara and San Mateo, rents are increasing as well, as a result of tech-driven employment.

Jed Kolko, chief economist at San Francisco’s, said “In the Santa Clara and San Mateo are, given the importance of the technology industry, the rate is growing, there is more demand, and vacancy rates are especially low in Santa Clara County… That creates pressure on the rental market.

“But even in places where the economy isn’t doing well, we are still seeing increases in rent because homeownership has gone down. And that means that more people are in the rental market.”

While the Bay Area tops the list on a quarterly basis, Santa Clara leads the market on an annual basis.

“The Bay Area definitely outperforms all other markets, and if you look at Santa Clara County year-over-year it’s approaching 13 percent, which is unprecedented growth for what’s happening overall in our economy,” said Sarah Bridge, of RealFacts.

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