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Silicon Valley Rents On The Rise

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A sign advertising an apartment for rent is displayed in a window in San Francisco. (Justin Sullivan/Getty Images)

A sign advertising an apartment for rent is displayed in a window. (Justin Sullivan/Getty Images)

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SAN FRANCISCO (CBS 5) – A new report shows Bay Area rents - especially in the South Bay And Peninsula - are climbing quickly.

In Santa Clara County, the average apartment rental is now $1,792 a month, according to Real Facts. San Mateo County has seen an 11 percent annual increase to $1,866 average.

The climbing rates are largely attributed to renewed hiring in Silicon Valley and an increase in former homeowners looking to rent.

“A lot of people who could not afford a $6,000-a-month mortgage payment gave up their house, their credit took a hit. But now if they have to go and rent a place for $1,500 or $2,000. They can do that,” said Ron Stern of Bay Rentals.

Stern said there are some high-priced areas driving up averages, but there are still many relatively affordable places available.

(Copyright 2011 by CBS SF. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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