Rents rising on Peninsula, SF Chronicle is shocked, shocked
Looks like the SF Chronicle just discovered that the rental market is as hot in the Valley as it is in The City. Use this open thread to mock their amazing discovery.
Peninsula rents going the way of SF and Manhattan
San Francisco and Manhattan are famously unaffordable cities to rent in– not that such information discourages people from renting in either location. High demand, of course, is part of the sky high prices.
But according to a new study by Apartment List.com, Peninsula rents are quickly rising to rival those of San Francisco proper. Over both 12-month and 18-month periods in the area as a whole, rents have risen an average of 10% and 18%, respectively. Here’s a run down of their data, showing rent changes for different sized units. (UPDATE: This chart is a corrected version of the previous one that contained incorrect percentage numbers.)
And since this is an Open Thread, you can also comment about what your own experience has been with rentals, or home prices, or any open houses you look at today, or how much money you made shorting Facebook.
August 18th, 2012 at 9:53 am
Didn’t someone who recently advised everyone to buy Apple before it goes to $700 also say they purchased Facebook at $28?
August 18th, 2012 at 9:57 am
> [...] or how much money you made shorting Facebook.
I don’t always buy stocks, but when I do, I prefer Petsmart.
August 18th, 2012 at 10:54 am
Good point, #1. Maybe it’s time to sell the AAPL shares I bought last year at $332.
August 18th, 2012 at 12:19 pm
#3- I get the strong feeling this is the top of the market similar to Dec 2007, right before everything started heading south.
Something bad is in the air and it won’t be good. It’s probably a combination of the Euro about to break up, China’s hard landing and North Korea allowing women to ride bicycles.
August 18th, 2012 at 3:02 pm
Haven’t you been waiting for the fall for years now though? Are you a pessimist or really patient? It sounds like even Gilroy Alex has gotten more optimistic.
August 18th, 2012 at 3:25 pm
>>Didn’t someone who recently advised everyone to buy Apple before it goes to $700 also say they purchased Facebook at $28?
When the call on APPL was made, the stock was in the $570 range.
The second advice was to buy FB on weakness. Weakness is in the next few weeks. If you bought at $28, you should have exited at $33.
August 18th, 2012 at 3:28 pm
Now is the time to buy! Now is ALWAYS the time to buy!
August 18th, 2012 at 3:31 pm
I advised a few years back that rent was out of step with home prices. The inevitable result is for rent to catch up. Renters were living on borrowed time. The short-sighted rented, and they are on the run now. As a result, many renters are overbidding to get into home ownership. Rent has more room to rise, and so do home prices. Remember, home prices in RBA doubles every 10 years on average. If you don’t believe it, you are betting against history.
August 18th, 2012 at 3:33 pm
Now is no longer the best time to buy a house (last year was the best time), but it is a better time than next year. Can you afford to wait?
August 18th, 2012 at 4:28 pm
That’s why I bought last year. But now that I’m hearing about women in North Korea riding bicycles, I’m worried. What’s next? Cats and Dogs living together, mass hysteria!
August 18th, 2012 at 6:22 pm
#9- If now is not the right time to buy, should I wait?
August 18th, 2012 at 7:05 pm
We’re still doing the “BUY RIGHT NOW” bullshit? Really? Rent: $1600 a month. Mortgage same property: at least double. Plus insurance, plus HOA, plus the cost of being a homeowner, and people who actually work for a living realize it’s not in the cards. Rents are going to go up because the people who’re buying a house because they have to (hubby and I have four cats, we had to move out of our apartment, and while landlords are often cat-friendly they are not often “four-cat friendly”) are going to, and the rest of us who work (or in my case, worked) in the BA and feel poor for “only” making $100,000 and not playing the investment game are going to keep renting because we don’t have 25% to put down for the privilege of being a slave to a mortgage.
Also note: house bought outside of Seattle, where I moved after many factors (not the least of which being I wanted to buy a house and couldn’t) drove me away from the RBA. But please, tell me how awesome you are again.
August 18th, 2012 at 11:36 pm
#11,
No.
August 18th, 2012 at 11:54 pm
The second advice was to buy FB on weakness. Weakness is in the next few weeks.
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Does that mean Real Estater didn’t advise to buy FB for $28?
August 19th, 2012 at 3:14 am
Buying now, at the tail of the market before any new supply arrives?
There’s still a huge supply of limbo property not on the market and few new buildings ready. Of course price spiked this year.
August 19th, 2012 at 3:14 am
Buying now, at the tail of the market before any new supply arrives?
There’s still a huge supply of limbo property not on the market and few new buildings ready. Of course price spiked this year.
August 19th, 2012 at 3:18 am
Has anyone noticed that Zillow estimates seem to have been ret-coned for the last six months? The history data for two months ago isn’t what it was last month… the year’s curve is all gone, replaced with a flat line. Weird…
August 19th, 2012 at 11:13 am
#14, it was actually $26.
August 20th, 2012 at 1:33 pm
Petsmart, Facebook, Apple… They’re all poop! Buy stock with THE potential, like this one: http://finance.yahoo.com/q?s=MJNA
August 22nd, 2012 at 12:18 pm
Moving parts
August 22nd, 2012 at 3:52 pm
Kim,
Just checking. Have you ever taken any advice? Seems like you are always taking a position or diminishing some one. Does that make you feel better than others?
August 22nd, 2012 at 3:58 pm
Banker East, do you know who else writes “some one” and not “someone”?
August 22nd, 2012 at 4:07 pm
Kim, when did you sign up for an American name?
August 22nd, 2012 at 4:37 pm
Banker East, do you know who else writes “some one” and not “someone”?
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That goes along with the same theme as “sky scrapers” and “Star Bucks”.
August 24th, 2012 at 2:23 am
12: 1.6K is cheap for rent. even for a one-bedroom, even in the not-really Bay Area. I don’t know of anyone who will rent to someone with four cats or dogs anywhere in the Bay Area in that price range, or even much above.
August 31st, 2012 at 8:28 am
Low eighteens, is it time to buy more FB on more “weakness?”
August 31st, 2012 at 9:12 am
Of course we are buying in “weakness”, on $18.88 trigger point. We will buy lot more when it gets $8.88.
The number 8 is always lucky for us.