Rent has been rising at a steady rate in the Bay Area, with an average rent of $1.50 per square foot in San Francisco, up from $1 in 2016, according to a report from real estate data firm Zillow.
Zillower says median rent in the region is up 2.8% in the past year, from $2.25 in 2016.
Median apartment rents are now up 9.5% in San Jose, up 5.5%.
That’s an average increase of 2.7%.
Thats up 3.9% since the last year.
The average rent in Santa Clara County is $1 per square feet, up 8.3% from 2016.
The median rent is up 13.5%, from $3.12 in 2016 to $3,175 in 2018.
The San Francisco Chronicle reported last year that the median rent for a two-bed unit in San Mateo County was $1-per-square-foot, up 17.7% from the last quarter of 2016.
Zellow says the Bay area is experiencing a new rent wave.
Rent is up across the board in many areas, with the most dramatic increase in prices in the West and the East Bay.
The highest increase in median rent has been in the San Francisco Bay Area.
Zilliow reports that rent is rising in the Golden State.
San Francisco has the highest average rent, up 21.5 percent in the last six months, according the Zillows data.
Median rents have increased by more than 2.5 percentage points in Oakland, up 6.3 percent, and by nearly 10 percentage points to $1 a square foot.
Median rent in San Diego has risen by 7.4 percent, while the BayArea is still seeing the largest rent increase.
The report notes that median rent across the region has also increased in San Leandro and Santa Clara Counties.
The rise in rent has created a shortage of housing for residents.
Zellerow says that San Francisco’s supply of apartments is now low, which is putting pressure on rents in the city.
San Jose is also seeing a shortage.
Zillerow found that more than half of all the units in San José’s housing market are either vacant or are affordable to rent.
Zills report says the number of units in the state’s two- and three-bedroom rental markets is down slightly since the 2016-2017 period.
But Zillers report also noted that there are still more units available in the two- or three-bed market than there were just a few years ago.
The Zillovids report does not specify how many units there are in those markets, but ZillOW predicts that the number will be “more than twice” what it was last year, according on its website.
The company says the shortage of rental housing is contributing to the housing affordability crisis in the U.S. According to Zillowers report, San Jose and Oakland are the only two Bay Area markets that have seen rent increases of more than 20 percent in six months.
Median rental prices in Santa Cruz County have increased almost 20% since last year while San Francisco rents have stayed flat.
The city of Berkeley, which has the second-highest number of housing units per capita in the country at 1,831, is seeing a rental crisis.
Zillianovs report also found that rents in California’s cities have remained flat in the four years since Zillowls report was released.
The housing crisis in California has been exacerbated by a severe drought, Zillowitz said.
The drought has led to an increase in the number and concentration of vacant and unaffordable homes, which in turn has led the state to increase its supply of housing.
Zillingow also reports that there have been some modest increases in home prices in San Bruno, Santa Cruz and Stockton.
In San Bruno County, prices have increased 7.6% since Zills first report in 2016 and San Bruno rents have been increasing at a 5.7 percent clip since Zilow first report.
In Santa Cruz, prices are up 8% in 2016 while rents are up 2%.
In Stockton, rents are rising 2.9%.
In Santa Clara, rents have jumped 7.5 and rents have gone up 6% since first report, Zillianow reports.
The biggest increase in rents has been seen in San Ramon, up 11.3%.
San Ramons rents have grown by more 10.2% in five years.