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