Rents going up in Santa Cruz County

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Here’s a bit of interesting (yet hardly surprising) news:

Renters paying more in Santa Cruz County – By Jondi Gumz – Sentinel staff writer – July 19, 2007

Rents in Santa Cruz are on the way up! I was talking to a colleague yesterday and she told me she’s been able to raise rents by about 10% over last year on her rental properties. She mentioned the big factor being that UC Santa Cruz is going to have its largest class ever.

If anything, the rental figures cited in the article seemed a bit low. It looks to me as if they’re talking about prices in apartment buildings – old, “Class C” rentals. I always like to figure how much you could get per room. I think a good average figure is around $750 per room, up to $1,000 per room if the property is absolutely fabulous (great location, good parking, well maintained). My colleague was telling me that she has a couple of units up in “Condoland” (the condos right below UC Santa Cruz, off Nobel) that are two bedrooms, renting for $1,800 a month.

Wonders will never cease!

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