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S.F. Bay Area Rental Market Surges Back |
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August 27, 2005 | Mountain View, CA
Armani Property Group recently released its latest research note indicating the the SF Bay Area Rental Market is powering back due to a turnaround in the local economy, boost in jobs and gradual salary increases. Bay Area Housing Site Patrick.net wrote it "is now much cheaper to rent a house in the San Francisco Bay Area than it is to own that same house. This is true even with the deductibility of mortgage interest figured in.
" The August 20th edition of the San Jose Mercury News reported that July, 2005 was the first month that more people were earning paychecks in the Bay Area than the same month a year-ago earlier. This year the median-priced house in the SF Bay Area reached over $700,000 and the newspaper further reports that fewer middle-income households can afford to purchase homes in the Bay Area. Meanwhile rental rates have stayed at almost half of mortgage rates for a comparable home, meaning that more people will be looking to rent, especially when interest rates start to climb later this year. |
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