Competition apartments is heating up as would-be homebuyers are squeezed by astronomical real estate prices.
The Bay Area rental market may be steadying after three years of pandemic fluctuations, but competition is heating up for Silicon Valley apartments as would-be homebuyers are squeezed by astronomical real estate prices and high interest rates on home loans.found that 11 renters are vying for every available South Bay apartment. That compares to a nationwide average of eight applications for each advertised rental unit.
“What we see is some of the newer technologies beginning to show there is life in the Bay Area,” Ressler said. Competition in other parts of the Bay Area outside of Silicon Valley has been slower, however, which Ressler attributed to the entrenched region-wide shift to remote work. In San Francisco, just six renters are applying for each apartment. And in the East Bay, there are nine prospective renters for every unit.
Still, that’s far out of the price range of many apartment hunters. One such searcher, a part-time barista and student, said she has responded to countless Craigslist ads for rooms in shared apartments in Mountain View near Foothill College, where she plans to enroll this summer. She’s only heard back on about a third of her inquiries and has yet to land a spot.
Rob Warnock, a senior researcher with Apartment List, said the modest price gains in March reflect a return to seasonal trends following an unpredictable ride for the Bay Area rental market during the pandemic.
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