Bay Area rents still rising
Submitted by News Desk on Thu, 04/17/2008 - 10:00pm
Source:
SAN FRANCISCO -- The Bay Area's teeter-totter relationship between the rental and sale housing markets extended into the first quarter, with apartment prices rising as the real estate slump continued to thwart would-be buyers.
Average asking rents climbed 8.8 percent over the first quarter of last year to $1,578, as the occupancy rate nudged up 0.6 percent to 95.8 percent, according to a report by RealFacts of Novato, which analyzes data from apartment buildings with at least 50 units. Since 2004, regional rent has risen 23.7 percent.
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