Silicon Valley Vacancy Rates Down, Guess What Rents Are Doing?

According to The Department of Housing and Urban Development's Office of Policy and Development Ressearch (HUD) Q3 2006 U.S. Housing Market Conditions Regional Activity Report, titled as if ink were going out of fashion...

"In the San Francisco Bay Area, the apartment vacancy rate declined nearly 1 percent to 3.7 percent in the third quarter of 2006 from the same quarter a year ago, according to the RealFacts apartment survey."   It continues below the fold with specifics on East Bay and Silicon Valley rents. 

"The average rent for larger, higher amenity rentals rose 7.5 percent in the East and West Bay submarkets and more than 10 percent in the San Jose-Silicon Valley area, the largest increases recorded since the economic boom of the late 1990s," the report goes on to say.  Can't wait until the Q4 report comes out!