We were hit with a recent rent increase that’s forcing us to give up Casa esnl in Berkeley. The rate was raised by 55 percent four our one-bedroom cottage, and we suspect the new tenants will pay even more.
Berkeley is located in the Oakland area, which reported the highest increase in rents in the U.S. last year, and the rate isn’t likely to decline next year, reports Freddie Mac in their just-released Multifamily Mid-Year Outlook 2016, which covers selected cities in the U.S.:
We’re moving to the Los Angeles area to be closer to two of our progeny, but rents are also soaring there, as the chart indicates.
The predicament we face is also confronting a lot of other Californians, as observed by the editorial cartoonist of the San Diego Union-Tribune:
Steve Breen: Better rub hard