Housing Occupancy and Prices Are Dropping
From Times Staff and Wire Reports
Bay Area housing vacancies are back to 2000 levels and prices are dropping after two years of sky-high rents spurred by the dot-com boom.
In San Francisco, the average price of a one-bedroom, one-bathroom apartment is down almost 15% from last year’s $2,172 to $1,848, according to RealFacts, a housing research group.
Bay Area rents skyrocketed from 1999 to 2001, with occupancy rates up to 96.8%, RealFacts reported. But with the economic downturn, occupancy rates have dropped to 93.2%.
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