Rents on the rise in San Francisco
20 09 2007In case you missed it, a reader reminds us:
“Rents are going ballistic. ‘Prime areas up 20% YoY [Year Over Year]‘”.
Bay Area Rental Market Roars Back [sfgate]
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Wow! Almost back to 2000 days. Shows you what a good deal buying in 2000 was vs renting.
Incredible! I remember looking for a studio apartment around 1999, and it was easy to find one for about $500-600 a month. Now, even a downtown hotel room in a residential hotel will cost you $800. (And no, I wasn’t shopping for one…. just decided to check out what Craigslist showed for under $500 in San Francisco.)
Rent is up at least 10% in areas like Pac Heights and other north end neighborhoods. I’ve got great tenants, and I just feel bad raising their rent that much, since they’ve been there that long.
With prices up, rents up, and a 30-yr fixed mortgage, I am a very happy person. It’s all about duration of the ownership. Anybody buying to sell within 5 years should NOT be buying. It takes about 2.5-3 years when you start saying to yourself, ‘wow, that was cheap.’ Inflation is a beautiful thing when you have fixed debt, and an inflating asset.