Ask anyone standing in line for an open house, smiling wryly at the 30 other people competing to rent a San Francisco apartment — it’s not fun.
With tech workers flocking to the Bay Area again and the homeownership market still sluggish, local demand for rental housing is spiking and prices are on the rise, according to new data gathered by Novato-based RealFacts.
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The foreclosure crisis has made buying a two-bedroom home cheaper than renting one in the nation’s largest cities, but San Francisco continues to buck that trend.
The latest report by real estate website Trulia found that San Francisco is one of only four cities in the country where residents save money by becoming tenants instead of homeowners.
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Bay Area native Greg Wimmer owns 11 units spread across three buildings in upscale neighborhoods. But currently, just four of them are used to house renters.
That’s because Wimmer decided to take a handsome but neglected seven-unit, 95-year-old building in Nob Hill off the rental market — by evicting the tenants — after he bought it in 2002.
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URL: http://www.sfexaminer.com/taxonomy/term/33876
