News: Rental Prices

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During an interview this week about rising rents in San Diego, Whitney Benzian of CAA pointed to a lack of housing supply. The CAA executive also pointed to excessive government regulations and fees, which makes development more costly to builders, and ultimately, so residents. “Costs for permits, water, development impact fees — things like that are burdensome,” Benzian, vice president of public affairs for CAA San Diego, told CW6 News reporter Gary Buzel. He also pointed to the recent trend of building micro-apartments as a less costly option that can work especially well for college students. “There’s a housing supply… Read More

Tagged: San Diego

California Assemblyman Tony Thurmond is putting together legislation that would leverage tax credits to address the Bay Area’s shortage of affordable housing, the San Francisco Business Times reported Tuesday. The Richmond Democrat, who held a town hall meeting on housing this month in Oakland, said he’s prepared to pitch the idea to Gov. Jerry Brown, the article says. Thurmond may have his work cut out for him, considering that the governor has rejected several tax-credit based proposals as of late, including Assembly Bill 35, which would have increased California’s Low Income Housing Tax Credit by $300 million for the construction… Read More

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Landlords must tell tenants of their right to contest a rent increase Before landlords raise rents in Alameda, they must now tell tenants about an appeal process offered by the city. This requirement came Sept. 2 as an amendment to the city of Alameda’s rent-review ordinance, which has been in place for a number of years. City leaders revised the law based on the belief that the review process is not well-known among tenants. Under the update, a landlord must provide written notice of the appeal process at the same time that he or she provides a tenant notice of… Read More

Tagged: Rental Housing Assn. of AlamedaContra CostaTri-County

A bill that would likely offer a tax rebate to hundreds of thousands of low-income Californians renters survived its first committee hearing this week. “It’s essential for people who are low-income and disabled to take care of a lot of their basic needs at a time when costs are raising and rents are raising,” said Mira Ingram. The San Francisco resident, who uses a wheelchair and is on a fixed income, is quoted in this KCBS story about the bill. AB 2175, or the Renter’s Tax Assistance Act, would provide tax refunds to financially struggling renters. “Homeowners get state tax… Read More

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Overall, San Francisco rents were up 2.74 percent last year, but not every neighborhood contributed to that statistic, according to the real estate website Zumper. In some areas of San Francisco, rent prices were either flat or veered the other direction. Check out the color-coded map with this BusinessInsider.com article. It shows rents spiking dramatically in some neighborhoods, such as Soma and Bernal Heights, but decreasing in other parts of The City. The Financial District, for example, dropped more than 10 percent in rents, according to the map. But much of the media talk centers instead on rents in traditionally… Read More

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As South Coast rents continued to climb this past summer, Orange County remained the fifth most expensive metro area to rent in California. More expensive were San Francisco, San Jose, Los Angeles and Santa Cruz. Read more in this Orange County Register article.  

Tagged: Orange County

Rents are rising at a slower pace in the Bay Area as more people make the leap into homeownership and new rental housing enters the market, says Joshua Howard of the California Apartment Association. “Still, quite frankly, we don’t have enough rental housing in Silicon Valley to meet the demand,” said Howard, executive director of CAA’s Tri-County Division, in an interview with the San Jose Mercury News. He also pointed to reductions in rent subsidies and the loss of redevelopment agencies for the slowing of rent increases. According to the Mercury News article, Bay Area rent prices rose in the… Read More

Tagged: Tri-County

Among large metros, Oakland nabbed the No. 1 position on the list of the country’s annual rent growth-leaders as of the third quarter, according to MPF Research. Pricing for new leases in Oakland grew 7.9 percent during the past year. While San Francisco ceded the top spot to Oakland, pricing power remained strong with rates up 6.6 percent annually. Rents climbed 5.9 percent in San Jose, according to MPF. Other strong performers in rent growth included the Southern California trio of Orange County, San Diego and Los Angeles, which just missed MPF’s top-10 list. “Improving performances in Southern California are… Read More

Tagged: Rental Housing Assn. of AlamedaSan Francisco Apartment AssociationTri-County

In the Silicon Valley, apartment rent prices jumped an average of $134 in the second quarter. “It shows there’s plenty of demand,” says Joshua Howard, executive director of the California Apartment Association’s Tri-County Division. “With the lack of homes available for sale, more people are renting. And with home prices going up, some consumers are figuring out it’s less expensive to make a rent payment.” For more specifics on average rents in the state’s top markets, check out this article in the Silicon Valley Business Journal. Despite high demand, occupancy dropped slightly in the Silicon Valley, something Howard attributes to… Read More

Tagged: Tri-County

The San Diego U-T reports that despite rising rental prices, vacancies continue to shrink, a trend especially evident in the downtown area. The article also offers a forecast for demand — both single-family homes and rentals — construction and financing.

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