Rents climbing in California's Bay Area

Investors considering California will be pleased to know that the average monthly rent for a two-bedroom apartment has been around $1,254 (£703) in the last three months, reflecting a two per cent rise from last year.

According to the study by RealFacts, occupancy rates were also up, with the 1.6 per cent rise taking the figure to 95.4 per cent over the last 12 months.

As reported by Inside Bay Area Business, average monthly rents for all apartment types climbed by five per cent to $1,342 (£752).

In Alameda County, meanwhile, average monthly rent for a two-bedroom apartment is up to $1,207 (£676) following a rise of almost three per cent. With occupancy rates for all apartment types rising to 96.1 per cent, demand is clearly high and the overall Alameda real estate market is looking strong.

Rents across the state of California have increased by an average of 5.2 per cent to $1,288 (£722) per month, with a 6.7 per cent rise in Los Angeles and a 3.1 per cent rise in San Diego.

Meanwhile, The Mercury News has referred to a report by DataQuick Information Systems which shows that property sales in California last month were up 43.8 percent compared to February, representing the strongest March since 1988.