The Vast Majority Of Renters Plan To Leave The Bay Area. Why?
By DANIEL BORNSTEIN, ESQ.
The Bay Area has bucked a lot of national real estate trends and has been a laboratory in housing initiatives and rent control. It’s no surprise, then, that our region it is an odd duck in a new ApartmentList report that explains the forces in renter mobility. While our neighbors in other states flock to job opportunities, the inverse is true here.
Although jobs are plentiful in the Bay Area, it is the astronomical cost of living why 83 percent of Bay Area renters say they want to move out of the SF metro area. “The rent is too damn high, the traffic is too damn congested, and well, Donald Trump” are some reasons why droves of millennials plan to seek greener pastures, we noted in an earlier article.
The more recent survey from Apartment List reports that among the nearly departed, 63 percent cite the high cost of living as their reason for leaving. Jobs and commute time lag far behind, with weather being the least of concerns – everyone loves Karl.
We should note that ApartmentList’s sample is a discontent bunch in general – some 64 percent of renters as a whole say they want to be living somewhere else in the future. Aside from this volatility, of course, reporting a desire to relocate doesn’t mean they actually will, so don’t expect a traffic jam anytime soon from a mass exodus of renters.
While the cost of living is a real concern, we hasten to say that contrary to the frenzied call of some tenant advocates, year-to-year rents are slightly down.
At Bornstein Law, we have always maintained that new housing construction, while not a panacea, will ease pressure, and several communities are weighing the costs and rewards. Saying yes to jobs while saying no to housing, in our view, is not a sustainable posture as our region continues to experience growing pains.
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.