There is an interesting article in today's Wall Street Journal (Bay Area section, page A9B) about the spiraling rents in San Francisco, driven by the resurgent tech industry. We've talked about how B'game is seeing some of that resurgence here.
The article profiles a Derek Kohn who moved from Orlando to S.F. to take a job at a "local tech start-up." At the end of the piece we discover the start-up is CarWoo, Inc., a Burlingame-based online-shopping service for new cars. Very appropriate!
The piece notes
During the first three months of the year, the average asking price for San Francisco rentals was $2,663 a month, a 15.8% jump from...first quarter of 2011, according to RealFacts, a Novato market-data firm....And more young tech workers are now opting to live in San Francisco rather than Silicon Valley, driving up rental demand in neighborhoods such as the Mission, Noe Valley, South of Market and other spots with easy freeway access.
Mr. Kohn ended up renting in the newer development
sandwiched between Highway 101 and Candlestick park--not exactly the hip S.F. neighborhood he wanted. Mr. Kohn says he plans to stick with his "middle of nowhere" apartment for a year and then test the rental market again. In the meantime, he says, "I'm pretty much going to have to drive if I'm going to do anything".
I'll say, that is definitely no man's land up there and weather-wise, walkability-wise, restaurant-wise he would be better off here. One wonders if B'game rentals are rising fast in reaction to the City?
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