Bay Area rents continue rapid drop
Landlords are now having to suffer for the crazy prices they continued to charge tenants in the go-go days of the dotcom boom according to this San Francisco Chronicle story:
Bay Area rents dropped in the first quarter by an average of about 5.3 percent compared with last year, and the occupancy rate dipped to 93.7 percent from 93.9 percent a year ago, according to a study released today by RealFacts,
...Since the second quarter of 2001, the average Bay Area rent has fallen more than 18 percent. The average rent in San Jose has fallen about 26 percent in the same period. According to the San Francisco Tenants Union, the average rent for a two-bedroom apartment in San Francisco jumped by more than 36 percent a year during the dot-com frenzy.