Monday, October 31, 2016

Highest Rent Metropolitan Areas For Low And Average Quality Apartments: Units That Are Old And Needing Renovation: Chart

From Bloomberg, "Two New Charts Prove San Francisco Rents Are Out of Control: It's getting even more expensive to live in the Bay Area." by Patrick Clark:
CoStar Group, a real estate data firm, uses a five-star system to rate multifamily properties based on architectural attributes, structural systems, amenities, and other traits. For instance, one star buildings require significant renovation or are functionally obsolete. Two star buildings are associated with phrases like “functional,” average,” and “aging.” Together, one- and two-star buildings account for roughly one-third of market rate multi-family units in the U.S. There are plenty of big cities, like Dallas, or Atlanta, where the average asking rents for such apartments are less than $800 a month.

In San Francisco, typical monthly rent for the metropolitan area’s most humble housing stock is more than three times that amount—a staggering $2,586.

Chart Of High Rent Metropolitan Areas With Low Quality Apartments
Source:  Bloomberg

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