San Francisco, California (CNN) San Francisco’s refurbished apartment market is booming.
In 2017, the number of apartments rented from developers grew by nearly 80%.
And the city is also home to a growing number of renovated homes.
The city is home to more than 1,500 rental apartments in its renovated neighborhoods, according to a 2016 report by the San Francisco Planning Department.
“We have a number of neighborhoods that are particularly well-represented in our renovated homes market,” said Lisa K. Zabriskie, director of the city’s Housing Department.
“And some of those neighborhoods have been especially well-served.”
In fact, a growing list of cities in San Francisco’s renovated neighborhoods have gone through a significant renovation in the past year, according the report.
Zabriskia said there are now more than 50 renovated homes in San Franciscans renovated neighborhoods.
These include apartments, condos and townhomes, she said.
“We’ve seen an influx of developers, and they’re making some really nice renovated homes,” Zaboppie said.
“We’ve also seen an increase in renter activity.”
“I think it’s been a very positive development for the community,” said John D. Brown, president of the San Francisco Association of Realtors.
Brown said he sees an uptick in renters because of the renter tax credit program.
The renter credit is a tax credit for properties that rent for less than 30 days.
Brown said the city has made it easier for people to rent in the renovated neighborhoods with a renter permit, so it is easier to find an apartment.
He also said the program is helping the area’s renter population.
The city recently launched a new rental subsidy program called the Neighborhood Housing Investment Fund.
It helps landlords buy or build rental units in a neighborhood to support the areas revitalization efforts.
Housing officials say that in the coming months, the city will roll out the program, which will offer up to $1,000 in renverage subsidies for any apartment building.
“These types of programs have been proven to work in helping to support communities and to keep rents affordable,” said Zabuckie.
“What I’m most proud of is that we’re making a real impact.”