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Photo: Parkerberkeley.com Image 1 of / 12 Caption Close Image 2 of 12 Co-working space with conference room Co-working space with conference room Photo: Parkerberkeley.com Image 3 of 12 Outdoor fireplace Outdoor fireplace Photo: Parkerberkeley.com Image 4 of 12 Courtyard Courtyard Photo: Parkerberkeley.com Image 5 of 12 Image 6 of 12 Kitchen and living room Kitchen and living room Photo: Parkerberkeley.com Image 7 of 12 Kitchen Kitchen Photo: Parkerberkeley.com Image 8 of 12 Living room Living room Photo: Parkerberkeley.com Image 9 of 12 Bathroom Bathroom Photo: Parkerberkeley.com Image 10 of 12 Image 11 of 12 Master bedroom Master bedroom Photo: Parkerberkeley.com Image 12 of 12 As rents skyrocket in Berkeley, new luxury building offers two-bedrooms for $4,150 1 / 12 Back to Gallery

Berkeley’s rents have been going up at a brisk pace over the past few years, with a nearly 10 percent increase over the last year, according to RentCafe, and an average of around $2,900 a month.

The neighborhood with the highest increase year-over-year is Elmwood, where rents have grown an astounding 37.4 percent year-over-year to $2,615 a month.

The most expensive neighborhood for renters is West Berkeley, where rents are 12 percent higher than overall Berkeley rents. The average rent in West Berkeley is $3,273, up 8.1 percent year-over-year, according to the apartment search website.

“Supported by the growing demand for apartment living among students and well-paying professionals alike, the rental market is booming,” said RentCafe’s Amalia Otet. “Developers are building more upscale units that generally come with some top-notch amenities—and prices to match naturally. These new, high-end apartments are pushing rental rates up not only for the luxury market but across the board.”

Otet pointed to luxury rental community Parker as an example of these new upscale offerings.

The newly opened apartment and townhome complex on Shattuck Ave., walking distance from BART and blocks from Berkeley Bowl, is asking $2,925 and up for studios, $3,275 and up for one-bedrooms and $4,150 and up for two-bedrooms.

“You have to look at the market and take into account the competition and then our finishes and amenities,” Parker Property Manager Sunny Azizi said of the pricing strategy. Those finishes include units with wood flooring, quartz countertops, custom backsplashes and full-size washer-dryers. Common area amenities include a co-working space with a quieter working area on one side and more social business lounge on the other, three outdoor courtyards and a pet spa. There’s also an Equinox going in on the ground floor and Parker residents will get discounted memberships at the fitness club when it opens next spring.

Parker was supposed to begin listing this summer, just as rents were peaking, but construction delays put lease ups behind schedule. (The community’s four 1,700-square-foot three-bedroom town homes are still under construction.) Therefore, leasing agents at Parker had to begin filling up the units at “a slower time of year,” said Azizi.

While there are over 400 names on Parker’s “interest list,” so far only four leases have been signed and two residents have moved in to the 155-unit building, he said. As an incentive, Parker is offering a limited-time first-month-free deal.

Perhaps due to the offer, Azizi says interest in the building has been picking up with a “huge and diverse” crowd of renters from San Francisco, Berkeley (including Cal students and staff), Oakland and other East Bay cities coming to check out the community. “This is definitely new and refreshing to the Berkeley market, especially our amenities,” he said. “We want to be a one-stop shop for residents and we’re ready for move-ins.”

Emily Landes is a writer and editor who is obsessed with all things real estate.