There’s a lot of talk as to increase in rents and people being displaced. But, how does it look in terms of numbers? This via Curbed SF: The Mission has had a 5 to 10% increase in the past year on rent according to this map by Zumper.
To start, big price increases of 20 percent only happened in three major neighborhoods: SoMa, Bernal Heights, and the Marina. Being that SoMa’s home to the city’s thriving tech scene, that increase seems understandable. Same goes for Bernal, which has been crowned The Hottest Neighborhood of 2014. READ MORE HERE
According to the Business Insider, Zumper collects their data from January 2013 to 2014 from their own site, making information more accurate, as opposed to using Craigslist data.
“Yes, tech is driving demand and prices for apartments, but only in specific neighborhoods,” he said. “A lot of focus is placed on SOMA or the Mission where a lot of tech workers have moved, but that’s not representative of the city as a whole. There are plenty of neighborhoods where people aren’t wearing Google Glass and jumping into a Google shuttle.”
Other factors contributing to high rents include rising construction of luxury condos, increase in short-term rentals (which tend to be more expensive than long-term), and rent-controlled housing. Most units in San Francisco are protected under rent control, but that locks up housing supply, according to Glass-Moore. READ MORE