I just read a news story about how South Bay Rent prices rose to an all time high. Rents at San Jose-area apartment complexes rose more this spring than at any time since the peak of the tech boom.
Landlords no longer need to woo customers with a free month's rent or a DVD player. Rent for apartments in large complexes rose 9 percent compared with a year before, the biggest jump in any of 29 cities in California and elsewhere studied by RealFacts, a Novato company that does research for the apartment industry.
The average monthly rent in the area was $1,414. Palo Alto was the most expensive city at an average $1,929, and Campbell the least at an average $1,231.
``There are so many people looking right now that after a place went out on the market, it would be rented within three to six hours,'' said James Barnes, 26, who signed a lease this week for a $1,500-a-month duplex in Sunnyvale that he'll share with a friend. Barnes said he and his roommate searched for three months before finding the place.*Source: http://www.mercurynews.com/mld/mercuryne
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