Bay Area rental market gives tenants an edge
Bay Area apartment rents will soften and vacancies will edge up in 2009, giving tenants more leverage, according to a forecast from an influential real estate firm.
Still, the rental market here will remain stronger than in most other regions around the country, said Marcus & Millichap Real Estate Investment Services, which issued forecasts for three metropolitan areas in the region: San Francisco, San Jose and Oakland.
Those excess homes and condos, which M&M terms “shadow market rentals,” largely are bank-owned foreclosures purchased by investors who then rent them out. They are concentrated in the East Bay and some parts of San Jose, and are barely a factor in San Francisco.
Thanks to Nomadic for posting this earlier. Note that these problems are mostly limited to parts of San Jose and the East Bay – both of which are clearly not in the Real Bay Area.
For those of you who are looking in the Real Bay Area – how does the rental market seem to you? Gangbusters as usual?