[svlug] News you can use: SV Rents down 22%
Karsten M. Self
kmself at ix.netcom.com
Sat Jan 19 13:11:02 PST 2002
For those living in the Silicon Valley and involved in Landlord
High-tech bust drops Silicon Valley rents by 22 percent
MICHAEL LIEDTKE, AP Business Writer
Friday, January 18, 2002
(c)2002 Associated Press
(01-18) 00:38 PST (AP) --
With BC-CA--Western Rents-Glance
SAN FRANCISCO (AP) -- Silicon Valley is at the top of a list again,
but this time it's for the biggest drop in apartment rentals in the
Hammered by a high-tech bust that shrank incomes and lengthened
unemployment lines, Silicon Valley apartment rents dropped 22
percent during 2001, the biggest change in the West, according to a
real estate study obtained Thursday by The Associated Press.
The average monthly rent for an apartment in Santa Clara County --
the Silicon Valley's heart -- stood at $1,507 in the fourth quarter,
down from $1,935 a year earlier, according to RealFacts, a
Novato-based firm that surveyed 6,000 apartment complexes in 19
major markets west of the Mississippi River.
The San Francisco Bay area was the only major Western market where
average rents fell in 2001, although the increases weren't
significant in most other regions, according to the study.
RealFacts said average rents in 2001 fluctuated by less than 4
percent in every major market outside California except Seattle and
Oklahoma City, where rents climbed by 4.1 percent and 4.5 percent,
The about-face in Santa Clara County's apartment rents -- adding up
to an average annual savings of $5,136 in housing costs --
illustrates the severity of a high-tech downturn that has trimmed
the paychecks of many Silicon Valley workers and left a growing
number without jobs.
The fallout also depressed rents in two other tech-driven markets --
the San Francisco metropolitan area, where average monthly rents
fell to $1,738, down 15 percent from the prior year, and the Oakland
metropolitan area, where rents dropped to $1,269, down 8 percent.
Karsten M. Self <kmself at ix.netcom.com> http://kmself.home.netcom.com/
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