FORTUNE -- Whether we're living through another tech bubble remains hotly contested, but there's no denying its impact on one market: rental apartments in San Francisco. With Twitter, Zynga, and numerous other local startups hiring in droves, all those newbies need somewhere to live.
In the trendy SoMa and South Beach neighborhoods, says Paul Hwang of Skybox Realty, there may be up to five applications for every apartment listing. Most places are renting at an average of 10% to 20% higher than just six months ago; a $2,400-a-month one-bedroom can now top $2,700.
"The last couple of years, people were happy to have a job," says Hwang. "Now all I hear is, 'I'm going to start my own thing.' All that can be reflected in rent."
As a result, the apartment hunt can be even more grueling for prospective residents.
Naseem Zojwalla, a New York transplant and senior medical director at Onyx Pharmaceuticals, had four days to find an apartment in SoMa, her neighborhood of choice. She saw 10 apartments -- where as many as 10 people showed up for tours -- but it wasn't until someone terminated their lease at The Paramount, a luxury rental apartment building, that Zojwalla landed a 800-square-foot one-bedroom unit for $3,000.
"It was definitely more expensive than I expected," she recalls.
Don't expect the situation to change any time soon. In fact, brokers expect tech hiring to further intensify this fall and next spring as companies further ramp up hiring. Maybe the solution is to make sure that every new workspace comes with a very comfy couch.
How many grilled cheese sandwiches will it take to pay off Sequoia Capital's investment in The Melt, a restaurant-tech startup?
FORTUNE -- Jonathan Kaplan, creator of the Flip video camera, is making the media rounds talking up his new venture: a chain of restaurants that serves nothing but grilled cheese sandwiches and soup.
Kaplan told Bloomberg Television last week that he is starting The Melt, with somewhere between $10 million and $20 MOREDan Mitchell, contributor - Jun 22, 2011 12:46 PM ET
Sharing a bike with a friend requires trust and a U-lock. Sharing 600 bicycles with the city of Boston requires technology and a big investment. Alison Cohen's Alta Bicycle Share is up for the task.
Alison Cohen used to ride her bike 17 miles to work every day, a "ridiculous commute," she now admits, but one which gives her solid cred in her current job: president of Alta Bicycle Share, a MOREDavid Whitford, Editor At Large - May 17, 2011 11:41 AM ET
MySpace was once the big kid on the social networking block, but Facebook beat it in part by improving on its social advertising strategy, or lack thereof.
By Kevin Kelleher, contributor
So much of the discussion around Facebook centers on the way it's shaping our social interactions with others that it's easy to overlook how profoundly the company is rewriting the rules of online advertising. When Facebook's revenue is mentioned, it's MORENov 22, 2010 3:39 PM ET
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