The high cost of housing in the Bay Area – both sales and rentals – is having a severe impact on small businesses as they are finding it increasingly difficult to keep skilled employees.
According to RealFacts, the average rent in the first quarter of 2016 was $2,503 in San Jose, $2,959 in Oakland and $3,595 in San Francisco. The result? With their skilled employees leaving the Bay Area, some businesses are considering following suit.
Moreover, many businesses – as well as cities and municipalities – are finding it exceedingly difficult to hire qualified workers from outside the area. While the pay may be slightly higher, the high cost of living – particularly housing – makes moving prohibitive for most out-of-state workers.