Hey, SF: now you have another reason to feel trendy and highly desirable. As the SF Business Times reports, our area’s apartment vacancy rate (that is, number of apartments that are available) appears to be dropping, even as our rents appear to be going up.
A study by commercial real estate firm Cassidy Turley of 1,253 major Bay Area rental complexes shows that the average vacancy rate dropped from 5.9% in 2009 to 3.7% today.
SF’s vacancy rate is even lower, at just 3.2% even as, rents climb 9% to “an average of $2,568 per month.” This is, the Biz Times reports, the “tightest it has been since the height of the dot-com bubble in 1999.”
To blame for these numbers, says the Biz Times, is our rising population combined with a small number of new rental units. But that won’t always be the case: 9,000 new units are being developed in SF and the Peninsula, and should hit the market in 2013 and 2014.
Just in time, one might speculate, for our current, ever-expanding bubble to keep on expanding…or pop.