Rental Housing Market Cooling Off

Colin Jordan and Savannah Kell. (Colin Jordan)

Colin Jordan and Savannah Kell. (Colin Jordan, via East Bay Times)

The local rental housing market is cooling off, betraying the folly of permanent, severe, rent control restrictions as a response to short-term market moves.

The East Bay Times reported that rental rates have even fallen in some Bay area cities.

β€œI can almost feel a change in the air,” said Ron Stern, CEO of Bay Rentals, a housing relocation service. Landlords are more willing to chip a couple of hundred bucks off the monthly rent to fill a vacant unit, he said, predicting that β€œrents are going to go down even more next year.”

Renters now have room to negotiate a fairer deal, and no longer have to take what landlords offer, according to Sarah Bridge of RealFacts.

Read the full story at the East Bay Times website.

Data from Axiometrics confirms the decline in rents.

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