The Bay Area rental market may be steadying after three years of pandemic fluctuations, but competition is heating up for Silicon Valley apartments as would-be homebuyers are squeezed by astronomical real estate prices and high interest rates on home loans.
Rental listing site RentCafe, in a new report, found that 11 renters are vying for every available South Bay apartment. That compares to a nationwide average of eight applications for each advertised rental unit.
A severe lack of housing has long pushed Silicon Valley residents into fierce competition for apartments. But now, high mortgage rates topping 6% are making it even harder to afford local home prices that regularly top