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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Last year (2010) I was working hard to sell this 32 unit building located at 2701 High Street in Oakland. This was leading up to our first broker’s open house. I was optomistic, however we only had one or two brokers show up to preview the property.
Fast forward to 2011, everybody wishes they took advantage of the possibility to own such a large apartment building with no rent control and built out of concrete. The market has changed considerably since I shot this video of myself in 2010. We now have a plethora of buyers and sellers entering the apartment market in the East Bay. And I just sold the building located at 2701 High Street, it took a full year!

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