(Image source from: San Francisco landlords offering buyouts to move out tenants})

Being a tenant in San Francisco is beginning to pay for some of the people who live on rent. As some longtime tenants in the city are being offered as much as $50,000 inorder to make way for tenants who would pay much higher.

According to reports quite a few landlords of rent-controlled apartments are now trying to buyouts tenants with huge amount of cash. These property owners hope to make more profit from by leasing out at much higher rates in the current real estate market.

Earlier there were only a couple of reports of buyouts from renters in a year, but the figure now is 25 to 30 every month, according to the San Francisco Tenants Union.

The family of Blanca Reyes have been staying on the rented apartment for the last 24 years. Now they are contemplating moving out of their Mission District apartment at a buyout of $50,000 offer. However, Reyes says that currently they pay $549 per month, an amount they cannot rent now in the city.

(Picture Source: sanfrancisco.net)

(AW: Pratima Tigga)