Bay Space rents proceed to soar from pandemic reductions, however it nonetheless makes extra monetary sense to lease than to purchase within the area, in response to a brand new report.
In January, the Bay Space had among the many high 5 highest median rents for studio to 2-bedroom items within the nation, in response to Realtor.com. The median lease within the San Jose-Sunnyvale-Santa Clara area was $3,062; within the San Francisco-Oakland-Hayward area, it was $2,975.
However you'll nonetheless be saving cash by renting than in case you purchased a starter residence of a comparable measurement.
Within the South Bay, renters would save a median of $1,479; in San Francisco and East Bay, the distinction is $1,461. The explanation for such financial savings is powerful residence gross sales costs.
Different cities that topped the pro-rent market, not surprisingly, had been tech hubs. Right here’s the highest 10:
High 10 Markets that Favor Renting Over Shopping for
Median lease Month-to-month purchase price
1 Austin-Spherical Rock, TX $1,769 $3,115
2 New York-Newark-Jersey Metropolis, NY-NJ-PA $2,700 $4,115
3 San Francisco-Oakland-Hayward, CA $2,975 $4,436
4 San Jose-Sunnyvale-Santa Clara, CA $3,062 $4,541
5 Seattle-Tacoma-Bellevue, WA $2,086 $2,908
6 Boston-Cambridge-Newton, MA-NH $2,795 $3,843
7 Denver-Aurora-Lakewood, CO $1,895 $2,540
8 Rochester, NY $1,264 $1,624
9 Portland-Vancouver-Hillsboro, OR-WA $1,733 $2,176
10 Los Angeles-Lengthy Seaside-Anaheim, CA $2,982 $3,742