Having a listing in Rockridge not only yields phone calls
from potential buyers but phone calls from potential renters. I have had a
dozen or so calls regarding my listings in Rockridge asking if there was a possibility
of renting the house just in case it doesn't sell. Rockridge is a hot spot in Oakland where there is
beautifully designed homes, great schools, BART and walking to restaurants so this
area remains competitive for renters and buyers.
A friend of mine looking to rent in Oakland told me there
was a mass flock of potential renters all vying for the same houses. Numerous
applicants for each place they were looking to rent and even with superb jobs and
great referrals they are having a tough time finding a place. The rental market is strong throughout the Bay
Area including the South
Bay which is boasting a
12% increase in rents. In the East
Bay , there has been an
increase of about 10% depending on the area.
So why is this happening especially since it is such a good
time to buy with record low interest rates? The bottom line is it’s still hard
to get a loan. Banks are holding on tight to their money and making lending a
back-bending challenge. With the job numbers still down, and the ever
increasing financial issues happening around the globe, it looks as though
banks are still nervous about the economy and still unwilling to loosen up on
lending restrictions. The job market is actually increasing in the Bay Area
which is another reason for the competitive rental market.