Recently I had the opportunity to see my friend Mark Lipsett from Pacific Western Bank speak about the East Bay Multifamily Outlook in 2017, and more generally, the state of the multi-family market. This was put on by our trade group East Bay Rental Housing Association, EBRHA which is a fantastic resource for anyone owning income property in Alameda county.
Mark is a banker, so this was delivered through a lending lens, which is to say a relevant one based on data from his institution.
My big takeaways from the talk were the following:
- Rates are up 33% since the election
- The vacancy rate is up from 4.2% to 4.7%
- Construction permits are down 15% from last year
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