Email: kellie. Most Popular. More for you. A ton of new housing is coming to Mid-Market. Will it turn around this beleaguered neighborhood? A statewide rent cap went into effect Jan.
During the coronavirus pandemic, the state judicial council and more than municipalities have passed moratoriums on evictions, recognizing both the high cost of housing, faltering incomes and the millions of Californians who remain unemployed.
A minimum wage worker in the state needs to clock hours per week — roughly three full time jobs — to afford the average two-bedroom rent in California. Roughly 45 percent of state residents are renters. Class A properties typically are new or extensively renovated, offering amenities such as large common areas, gyms, pools and modern security. The cheapest apartments in the Bay Area had the smallest price declines of any sector between March and June In Oakland, Hayward and Berkeley, low-end rents actually increased about 1 percent during the pandemic.
Professionals able to work remotely escaped largely unscathed in the pandemic economy. But workers in the service industry and in other hourly-wage jobs that cannot be done remotely have seen their incomes fall and dipped into savings or tapped family members to make rent.
The Bay Area unemployment rate in June dropped to 5. Workers in the hospitality and leisure, retail, manufacturing, transportation and warehouse sectors have been among the slowest to recover their jobs, according to an analysis by the Bay Area Council Economic Institute. With so few houses on the market, many families are resorting to rentals. Investors also often have the benefit of cash, making them far more competitive in an already competitive market.
Roofstock, an online property sales and management company that facilitates investor purchases, said it saw substantial growth in the first quarter, in both the number and dollar value of homes transacted on its platform. Skip Navigation. Key Points. Rents for single-family homes jumped 4.
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