S.F. Apartment Rents Soar

Things aren’t getting any cheaper for San Francisco multifamily renters, and landlords are cashing in as a result. Average rents in the first quarter hit a record $3,458 a month, two percent higher than the previous quarter and 13 percent higher from the same year-ago period.

The report, done by Real Answers, looks at complexes with 50 or more units, and the average studies studios to three-bedroom units. For the entire Bay Area, rents were up 12.7 percent year over year, hitting $1,355.

Will a multifamily bubble hit, or is this strong job market going to support the rent increases?