Bay Area Apartment Market Tops State

The apartment markets in all of California’s major metropolitan areas continue strong, due to state-wide job boosts, with the Bay Area leading the pack in fundamentals, according to research firm Axiometrics.

Rent growth in the Bay Area apartment market has increased 9.7 percent annually since 2011. Southern California, although behind the Bay Area, also did well, rising 4.2 percent.

Axiometrics indicates that a major reason for this strong multifamily performance is the state’s continuing employment growth. Since October 2012, annual job growth in the state has reportedly averaged 470,000.