Guess where has the highest rent in the country?

Yet another article (see link below) talking about markets with high priced rents and San Jose California, the heart of the Silicon Valley where I work as a Realtor, has be identified as having the highest rent in the country with a median monthly rent of $3,376. I know that high paying jobs are more or less plentiful here, the economy is doing great overall and this area usually has great weather, but as someone once said; for every action there is an equal and opposite reaction.

As you can imagine, it's a great time to be a property owner in this valley because you can charge exorbitant rent amounts, but right now it absolutely sucks to be a renter. But people can only take being gouged for so much before they revolt and start putting more and more pressure on local leaders and demand they do something about it. That's where rent control comes in. For the record I don't agree with rent control, BUT I can totally see were the frustration comes from because there are many in this valley that don't make the $97K median income. Where are those lower income families supposed to live but are still vital to prosperity of this valley as the tech worker making that high income? Property owners need consider the consequences of charging the maximum amount for rent JUST BECAUSE THEY CAN, because the people will demand our politicians enact rent control - just because they can.

Of course as a Realtor I'd be remiss if I didn't point out how futile it is to be paying rent with pretty much no tax benefits and no hope of building equity to enrich yourself someday instead of your landlord. If you can afford to buy a home, it almost always makes sense to do so instead of renting.



America's most expensive rental markets



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VIDEO: Why Rent Control Hurts Renters