Give Me Shelter – High Rental Rates Cause Some Renters To Buy

“If I don’t get some shelter
Oh yeah, I’m gonna fade away” – The Rolling Stones

As if having first time homebuyers and investors is not enough to to heat up the San Francisco/Bay Area home buyers market, the continuing hike in rental rates combined with the soft home prices continues to pull once reluctant apartment dwellers to take the plunge into the purchase mode.

In the Bay Area, we have seen increased buying activity from investors and second-home purchasers but we hear of a rising number of tenants, tired of paying increasing rents, have talked with several are also factors behind the recent pickup in home sales, real-estate agents say they are fielding more calls from anxious tenants complaining about rising rents

The largest rent increases came in San Francisco and San Jose, which saw increases of 5.9% and 4.9%, respectively.

Down in San Jose and Silicon Valley, where home prices have plummeted 36% from the mid-2007 peak, home affordability has more than doubled in the last five years.

Those who want to buy a home in this market might have to act like Jumpin’ Jack Flash to get their offer accepted.

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2 Comments

Filed under California, San Francisco, San Jose

2 responses to “Give Me Shelter – High Rental Rates Cause Some Renters To Buy

  1. Pingback: Paris Real Estate – Look At The International Buyers | Resource Blog

  2. Pingback: San Francisco Real Estate Market Will Head Down In Next 3 Years | Resource Blog

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