Tech influx improves rents in Northern California

Tech companies have improved rents in San Francisco.

A report from Reis Inc. showed that multiple areas in California have experienced improved rents due to multiple tech companies making their homes in the area.

The greater San Francisco area experienced a 5.9 percent increase in rental costs during the first quarter when compared to the same point in 2011, The Wall Street Journal reported, citing the report. This totaled approximately $1,888 per month, on average. The national average grew only 2.8 percent.

"As long as we do basic renovations such as new paint and maybe cleaning up the appliances or installing new ones, we get 30 percent to 40 percent uplift in rent on the same unit," Donovan McKendrick, owner of DMcK Properties, told the news source.

In addition, the Silicon Valley area experienced a rental jump of 4.9 percent during the first quarter, the report explained. While San Jose was 20 percent lower, property management companies in San Francisco have witnessed rental prices that are, on average, second-highest in the nation behind only New York.

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