There's a new kid on the block in San Francisco: China's 60-million-strong "middle class," led by almost 3 million "high net worth" wealthy (defined as people earning more than $1.5 million or more a year). The San Francisco Chronicle has this report: ("Chinese investor activity in San Francisco real estate reaching fever pitch," by Anna Marie Erwert).
If foreign investors are looking to be landlords, they're coming to the right place: rents in San Francisco are headed skyward, the Chronicle reports: ("Rents soaring across region," by Carolyn Said). "Rents in San Francisco are escalating at breakneck clips this year, largely driven by an influx of tech workers," the paper reports. "Oakland and San Jose likewise are seeing steep run-ups. San Francisco's bigger apartment complexes saw average asking rents break the $3,000 mark in the third quarter, hitting a record $3,096 across all size units, according to data service RealFacts. That's an 11.9 percent bump from the same time last year."
