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Landlords – Get Your Calculators, Tenants – Get Your Checkbooks! San Francisco Annual Rent Increases Announced

January 25, 2011 By Luba

It’s that time of year again…. rental property owners in San Francisco get to hear how much they can increase their tenant’s rent.  Depending on the amount you might be paying in rent, this might mean having to cut back on 1 latte a month, or maybe several lattes a month.
Here’s the scoop from the San Francisco Board of Realtors:

Effective March 1, 2011 through February 29, 2012, the allowable annual increase amount is 0.5%. In accordance with Rules and Regulations Section 1.12, this amount is based on 60% of the percentage increase in the Consumer Price Index (CPI) for All Urban Consumers in the San Francisco-Oakland-San Jose region for the 12-month period ending October 31, which was 0.9% as posted in November 2010 by the Bureau of Labor Statistics.
To calculate the dollar amount of the 0.5% annual rent increase, multiply the tenant’s base rent by .005. For example, if the tenant’s base rent is $1,250.00, the annual increase would be calculated as follows: $1,250.00 x .005 = $6.25. The tenant’s new base rent would be $1,256.25 ($1,250.00 + $6.25 = $1,256.25).
The Rent Board also has announced the interest rate payable on security deposits for the 3/1/11 – 2/29/12 period—0.4%.

And property owners, don’t forget, you also need to pony up the interest on your tenants’ security deposits too.

Filed Under: Misc Musings from Your San Francisco Realtor Tagged With: San Francisco Apartment, San Francisco Real Estate, San Francisco Realtor, San Francisco Rentals, SF Apartment, SF Real Estate, SF Realtor, SF Rentals

San Francisco Rents are Rising

October 6, 2009 By Luba

rentalratessf

According to rentBits, a rental search engine for apartments and rental homes, the average rental rates for San Francisco has seen a 10% increase August over July, and a 4% increase September over August. Collectively, across all bedrooms, the average rental rates has risen from $2,488 in August to $2,492 in September. 
“As demand for rentals begins to increase, and supply remains constant, average rental rates will continue to climb.” says Dan Daugherty, CEO of rentBits. “In San Francisco, our data shows rental rates increasing for both apartments and single family homes.” 
In most cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single family home rental, moving back in with family or sharing rooms with friends. This transitional period has but downward pressure on most apartment rental rates.
What’s different in San Francisco?  People want to live here.  Why?  Because San Francisco is (in my extremely humble opinion) the BEST city in the entire world.  :grin:  
Unfortunately for SF home buyers, prices are also creeping up, so San Francisco is getting more expensive no matter how you want to arrange your housing situation.  But if you’re reading this blog, I’m guessing you’ll agree that it’s worth every extra penny  to live here. :grin:

Filed Under: Misc Musings from Your San Francisco Realtor, San Francisco Local Resources, San Francisco Real Estate Info for Buyers, San Francisco Real Estate Info for Sellers, San Francisco Real Estate Market Conditions Tagged With: San Francisco Real Estate, San Francisco Rentals, SF Real Estate, SF Rentals

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