Rental Boom Around Oakland's Lake Merritt
OAKLAND (CBS) -- There's a rental boom around The Lake, in Oakland.
The homes and apartments in the Lake Merritt District have always been coveted, but until recently, rents were affordable, especially compared to San Francisco.
Now the trendy neighborhood is attracting new residents and it's driving up rents.
Longtime residents district have noticed an influx of young adults moving in. Real estate experts say the boom is due to the city's $200 million cleanup of the 155-acre lake, and an influx of San Francisco residents searching for cheaper housing.
Since 2011, the average rent has risen 53% to $2400 a month.
It's still cheaper than San Francisco's average… $3200 a month.
