Rents in San Ramon are hitting all time highs, matching a trend that prevails around the Bay Area, according to a research firm in San Francisco.
And this price rise could continue according to Nick Grotjahn with RealFacts, which collects information on complexes with 50 or more apartments.
"If the double digit rent growth continues in San Francisco, the Peninsula and South Bay, I suspect we'll see a migration to the East Bay as renters will be willing to commute further in attempt to find more affordable housing," he told Patch.
In San Ramon, the average apartment costs $1,685, which is considerably higher than it was just two years when the average apartment cost $1,455.
A average price of a three-bedroom, two-bath apartment has risen 5.6 percent in just the last year, going from an average of $1,906 to $2,012.
The only type of apartment that has gone down in price in the last year are studio's. A year ago the average studio cost $1,131 and now its $1,111.
(You can see all the San Ramon apartment data in the in the PDF file connected to this article.)
Why are rents rising?
A Mercury News article on the phenomenon attributes it to a combination of an improving job market and the fact that some would-be home owners are unable to buy or hold onto homes.
But given that rental properties are a market the best answer for why landlords are raising rents may simply be that they can.
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