San Mateo County Landlords Overcharge Tenants as Condo Values Skyrocket

Written by Jacob Bourne

New data released by the San Mateo County Department of Housing shows that local renters are being forced to pay too much for their houses and apartments.

According to the U.S. Department of Housing and Urban Development, the fair market rent for a one-bedroom unit in San Mateo County is $1,423 per month, while the actual average rent for a one-bedroom is $2,053. A similar impropriety exists with two-bedroom units as well, with fair market value set at $1,795 and actual rent averaging $2,337 per month.

Average rent for a one-bedroom unit in San Mateo County has increased 8.2 percent since June 2012, while two-bedroom rent has gone up 9.7 percent in the same period.

Home values increased even more than rent over the last 12 months. The same Department of Housing report shows that the median price of a single family home jumped 23.4 percent from June 2012 to June 2013, up to $960,000 from $778,000. Condominiums and townhouses skyrocketed in median value in the same year period, increasing by 40.7 percent from $405,000 to $570,000.

Hey renters, are you overpaying to live in San Mateo County? Homeowners, are you thinking about selling with this price surge? Tell us in the comments.