Print Press Release

September, 2006 San Francisco Housing Bubble Forces Many to Rent A Great Time to Rent at CitiApartments San Francisco, CA (HTC-PR) - September 26, 2006 With house prices at an all time high, and rents being less than half of mortgage payments, many are choosing to rent until the housing bubble breaks. Massive job loss and salary declines in the San Francisco Bay area have forced many residents to either rent or move out of the area altogether. With over 300,000 jobs gone from Bay Area since the dot-com bubble burst and the outsourcing of technical jobs to foreign countries, not many people can afford to purchase a home, especially since local household incomes are not even half of what they need to be to sustain the current house prices. Although many residents are choosing to leave the Bay Area for more affordable cities, others are opting to stick it out and rent. Renting offers a more economical solution since it is much cheaper to rent a house in the San Francisco Bay Area than it is to own that same house. Although rents will eventually rise, they have been falling every year for about five years now, and with thousands of vacant rentals, renters have more options to choose a house or apartment in a good school district or one that is closer to work or mass transit systems. Renters in the Bay Area end up with much more money, while living in the same quality house as an owner. About CitiApartments We are committed to raising the standards of service for clean, safe and sustainable rental housing in the city of San Francisco. CitiApartments strives to provide a greener tomorrow with quality housing and an overall feeling of community for all our residents. Being one of the oldest businesses in the Castro District / Upper Market Street neighborhood, we're proud to be part of the change. CitiApartments - "Committed to quality housing for over 50 years." San Francisco Housing Bubble Forces Many to Rent - CitiApartments.com