No newsflash here: San Francisco, after recently beating out Manhattan for both price and scarcity of offerings, has been crowned the worst city in the country for renters. But according to Forbes, the second worst city is not Manhattan. It’s Oakland. And the third worst: San Jose.
Studying the jump in rents from the last quarter of 2014 to now, as well as the vacancy rate, median household income, % of income paid for housing, as well as comparing the cost of renting to that of covering the average mortgage, Forbes listed the best and worst rental markets.
And apparently, the whole Bay Area kind of sucks: KQED writes “Over the past year, vacancy rates for all three cities are under 4% and rental costs have surged 12.8% in SF, 10.5% in Oakland, and 11.3% in San Jose. Will the bubble ever burst? Or are we all destined to be priced out, singing a bitter elegy for our former hometowns on our way out?”
To read more, go to: http://blog.sfgate.com/ontheblock/2015/04/21/sf-oakland-and-san-jose-named-3-worst-cities-in-the-usa-for-renters/
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