Tenants could actually benefit from an increase in mortgage holders becoming landlords to make ends meet.
That’s right: It takes twice as much ready cash to live in this state as a new homeowner than it takes as a renter for a comparable property. That’s also the conclusion of a year-long study by Dwellsy, a Los Altos-based online platform that often helps renters find houses, townhomes, condominiums and apartments.
“The normal seasonal rent cycle typically has prices increasing from April through October, so the bump right now is not unexpected,” said Bordo. “When you take the long view, renters are coming out on top.” The interest alone is more than typical renters pay in California’s priciest markets for one-bedroom apartments. In the state’s most expensive area, San Francisco-Oakland-Hayward, the typical one-bedroom now goes for $2,495 a month. In nearby San Jose-Santa Clara, the price is exactly $100 less.
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