Industry News

Rental market rebounds in Western markets

Northern California sees highest jump in rental rates, occupancy

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Occupancy rates have increased since last year in all but one of the 29 major metropolitan areas studied by RealFacts, a research company that tracks the multifamily housing industry. Rent prices also showed gains "across the board," RealFacts reported. "The strong occupancy and rents recently seen in Southern California, Las Vegas, and Phoenix remained on pace, while every other (metro area), except Fresno, joined them with positive annual occupancy growth, with none below 90 percent," according to the report. Northern California lead the way with the San Jose-Sunnyvale-Santa Clara metro area recording 9.1 percent annual rent growth and occupancy at about 96 percent; San Francisco-Oakland-Fremont had 5.9 percent rent growth and 96.1 percent occupancy; and Vallejo-Fairfield followed at 2.6 percent rent growth and occupancy of 94.9 percent -- up 2.6 percent from a year ago. In Southern California, Los Angeles-Long Beach-Santa Ana had 6.8 percent annual rent growth and 95.9 percent occ...