Is this what recovery looks like? If San Francisco is any indicator… perhaps so:
While rents in other parts of the country are rising around the pace of inflation, at 2.7%, the average rental price in San Francisco shot up by 15.8% from a year ago. Landlords are seeing the demand and acting accordingly, looking to mark up rents significantly when they can.
Worth your morning perusal. Consider this though — if millions of Americans have shot credit scores and can’t afford mortgages, expensive rents are the new normal. After all, as a landlord, why rent for the price of your mortgage when you can make an extra 20% on the deal? Renters in a spot pretty much have no choice but to pay…
At least the good news is that we’re under a full-swing recovery. The question is going to be how strong that recovery really is.