Bay Area Rents Heat Up This Summer
By DANIEL BORNSTEIN, ESQ.
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In our last market update, we observed that Bay Area rent prices began softening and according to then-market conditions, reached a plateau.
Of course, the only constant is change, and June numbers show an upward trend. We do not want to bore you with raw numbers. You can extrapolate the rent increases in this article that summarizes a report from ApartmentList.com.
For the cerebral types, the data may be a little skewed because as part of its methodology, it has shunned luxury bias in private listings, making the numbers more representative of the market as a whole. Suffice it to say, rents are going north in this newsflash.
Despite San Francisco’s cyclical spike in rent, rents are actually down slightly year-over-year, a notable exception to increased rents across the region.
Keep in mind, we are not comparing apples to apples. Smaller locales like Cupertino tend to be more homogeneous compared to more diverse neighborhoods such as Oakland, and so the median rents have to be put in context. Spaciousness also plays a role – a Fremont apartment may command a higher rent than a San Francisco apartment, for example, because it has more room.
None the less, we can say that there is upward pressure on rents for the time being, with several cities drawing the battle line between tenants and landlords with a series of initiatives to curtail rent increases.
San Jose was the latest city to pass just cause eviction measures for concerned tenants and having protected landlord rights for over 23 years, Bornstein Law has been closely following these events in concert with the California Apartment Association and other advocacy groups.We hasten to say that Bay Area landlords can exert their voice to influence elected officials that are tasked with saying yay or nay to restrictions on landlord rights, and we encourage property owners to assert their viewpoints in a time where the political winds are particularly against landlords.
Against this backdrop, Bornstein Law has been busy fielding requests from property owners that are looking to transition tenants out of their property because of an Owner Move In Termination or individuals deciding to sell their property with a tenant in it and asking us to engage in a legal San Francisco Buy-Out negotiation to see if a tenant would be willing to voluntarily vacate the premises in exchange for compensation.
Bornstein Law has weathered many cycles of the housing crisis and regardless of the market hiccups, you can always count on our guidance to protect your rights as a property owner and maximize the return on your investment.
As the founding attorney of Bornstein Law, Broker of Record for Bay Property Group and expert witness, Daniel Bornstein is a foremost and well-respected expert in landlord-tenant disputes and other property management issues with over 23 years of experience in handling real estate and civil litigation related disputes in and throughout the Bay Area. More than a litigator, Daniel manages rental properties, assists in completing real estate transactions and is well known for his educational seminars. He is always eager to answer questions and engage with Bay Area landlords, property owners and real estate professionals. Email him today.
