Rents Rise, Vacancies Drop

MHProNews has learned from NBCBayArea average monthly rent in Oakland, California increased 14.4 percent over the past year, in San Francisco by 12.9 percent, and in San Jose 10.1 percent. As rents get more expensive due to improvements in the job market, and affordable housing budgets are slashed, low-income residents will be forced to find housing farther away, increasing their commute to work. Harvard University’s Joint Center for Housing Studies reports the overall vacancy rate dropping from 10.6 percent in 2009 to 9.5 percent last year, the lowest level since 2002.

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