Because ApartmentList.com searches and hosts millions of apartment listings around the country, we are sitting on a boatload of interesting data. From time to time we’ll dissect what’s going on in the rental market and share it with you here on the blog.
To kick it off, we’ve looked around in our own backyard – the Bay Area – and created the above infographic. While we’re happy that our tech-driven economy is rebounding, renters are getting hit hard on prices, especially on the Peninsula (which we’re categorizing as Daly City, Palo Alto, Menlo Park, Mountain View, San Bruno, San Mateo and Sunnyvale).
Over a 16-month period, asking rents in those cities went up an average of 44%. At the same time, San Francisco rents went up around 19%. Also a very large jump. Last January rent in San Francisco was $900 more expensive than on the Peninsula, on average. Today, the difference is only $650.
We plotted all this pricing data against IPOs from Facebook, Yelp, Pandora, Zynga and others, and major fundraising deals that took place in the same time period. We also looked at some alternative ways you could have spent that money, instead of forking it over to your landlord. 1,800 shots of Fernet, anyone? You’ll never need to buy mouthwash again.
Surprised by all of this? We were too. If you rent in the Bay Area and have been feeling the pinch, tell us about it in the comments below. We want to hear from you.