SAN FRANCISCO (KCBS) – There’s a new twist to the Bay Area’s crazy rental market. It seems rents are falling in San Francisco and Silicon Valley, but going up in towns like Petaluma and Concord.
The rental website Zumper said the year-to-year rental price in San Francisco dropped nine percent over the last year, by 13 percent in Santa Clara and by 15 percent in Redwood City.
At the same time, year to year rents increased by 15 percent in Concord and Petaluma. Rents are also up ten percent in Vallejo.
Still, rental costs in these towns are among the lowest in the Bay Area, while rents in San Francisco, Redwood City and other cities in Silicon Valley are among the highest.