Tech heavy employment centers drive up rental rates
Rents are on the rise in the first quarter of 2013 thanks in large part to sustainable employment opportunities available in tech-centric markets like Boulder, Denver, Austin, Seattle and Raleigh. For nearly a decade, investors have poured money into emerging high tech markets all over the US to rival California’s Silicon Valley,--building business parks, high end retail and luxury apartments. Now these markets are established economic center. These markets are fully loaded with urban amenity goodies---a beacon for top talent from around the globe.
RealFacts publishes the results of its first survey of the year and found rents are up. The national average increased by $12/mo. from $1,040/mo. in the 4Q12 to $1,052/mo. in 1Q13.
Boulder and Broomfield counties, high tech hosts of IBM, Oracle, Seagate Technology (among others) lead the quarter with a $55/mo. average rent increase from $1,173/mo. to $1,228/mo. Seattle comes in second place up $33/mo. from $1,159/mo. to $1,192/mo. San Jose was up $38/mo. from $1,956/mo. to $1,994/mo. Denver turned in a respectable performance, up $22/mo. from $1,001 to $1,023. And the surprise to us this quarter was a $20/mo. increase in Sacramento, up from $957/mo. to $977/mo.