This won’t come as a shock to anyone living – or hoping to live – in the Bay Area but rents are at all-time high.
RealFacts of Novato reports that Bay Area rents increased 11.4 percent from last year with the average rental now $2,234 per month. A study a studio apartment now costs an average of $1,931 per month, which is an increase of 12.5 percent while two-bedroom, two-bath apartments now average $2,562 a month, which is 9.8 percent higher than a year ago.
Despite the unprecedented increase, would-be renters are having a tough time finding a place to live. Occupancy rates throughout the area remain at more than 95 percent which is considered full occupied.