Local

Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job Growth

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

(Justin Sullivan/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Trending Now

mobile home park Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job Growthhttp://sanfrancisco.cbslocal.com/2014/09/27/growing-list-of-norcal-communities-counties-running-out-of-water-in-just-60-days/

mustache thief Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job GrowthAlleged Shoplifter Nicknamed ‘El Mustachio The Magician’ Arrested At Santa Cruz Costco

jung Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job GrowthNotorious Ex-Cocaine Kingpin George Jung Out of Prison, Living In San Francisco

hail fall napa Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job GrowthWild Weather: Lightning, Hail Strike Napa, Heavy Rain In North Bay

uber Silicon Valley, Peninsula Apartment Rental Prices Skyrocketing Due To Job GrowthSan Francisco Uber Driver Charged With Attacking Passenger With Hammer

SAN JOSE (CBS SF) — Skyrocketing rental prices in the Bay Area, especially Silicon Valley, are showing no sign of easing up, according to a new survey.

Marin County-based RealFacts said rental property in Santa Clara County was up 9 percent in the second quarter compared to the first three months of 2014.

The increase averages to $124 dollars extra a month for renters.

RealFacts reports the average apartment rent for Santa Clara County is $2,321, compared to $2,128 a month at this time last year.

San Mateo  County also reported a 8.1 percent increase in monthly rent – at $2,470 it is $110 up from the previous quarter.

Economist Lawrence A. Souza told the Silicon Valley Business Journal that job growth is the primary driver of higher rents, with the San Jose metro area adding some 72,000 jobs in the last two years.

“That’s basically dot-com levels,” Souza told the Business Journal. “This is ’98, ’99, 2000 all over again. Santa Clara County is now one of the top destinations for in-migration and population growth.”

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 54,007 other followers