Rent Report
Berkeley rents are up at least 50% in five years!
The Berkeley Rent Board gets quarterly reports on market rents for new tenancies in rent controlled apartments. Since rents are rising so quickly, they recently voted to send their latest reports to the City Council. Keep in mind, these are not controlled rents, nor are they inclusive of the whole market. Because of the 1996 state law Costa-Hawkins, owners can set a new rent at anything they want when a new tenant moves in. Those new rents are the numbers recorded in this report. Berkeley’s Housing Element report shows these rents tend to be lower than the total market rent in Berkeley because rent controlled buildings are older and don’t have fancy amenities like gyms or even WiFi.
The whole report is here: http://www.ci.berkeley.ca.us/uploadedFiles/Rent_Stabilization_Board/Level_3_-_General/6a6_16%20Jan%2019_Transmittal%20to%20Council_MedianRents_Q2%20to%20Q3_2015.pdf