San Franciscans, already lamenting the high cost of living, are finding that rents have jumped from sky high to outrageous. Betty Granoff, who works with people moving to the Bay Area as president of San Francisco-based Relocation Breakthroughs, provided some insight into how the rental housing market compares to other boom times.
“I’ve been doing this since 1996 and this is the craziest I’ve seen things,” Granoff said. “Even with the first dot-com boom in the late 1990s, demand was just as high but rents weren’t.”
Earlier this week, Zillow (NASDAQ: Z) noted that the Bay Area saw the biggest rent hikes in 2014 and sees this year being just as bad. Zillow’s website Friday made it clear that anyone opting to buy rather than rent in Hayes Valley’s zip code would have to pony up more than $900,000 and often well over $1 million.
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