San Francisco’s rent riot

FORTUNE — Whether we’re living through another tech bubble remains hotly contested, but there’s no denying its impact on one market: rental apartments in San Francisco. With Twitter, Zynga, and numerous other local startups hiring in droves, all those newbies need somewhere to live. In the trendy SoMa and South Beach neighborhoods, says Paul Hwang of Skybox Realty, there may be up to five applications for every apartment listing. Most places are renting at an average of 10% to 20% higher than just six months ago; a $2,400-a-month one-bedroom can now top $2,700. “The last couple of years, people were happy to have a job,” says Hwang. “Now all I hear is, ‘I’m going to start my own thing.’ All that can be reflected in rent.”

Leave a Reply