They keep increasing! That's right over the years no matter what drama in the world occurs, both the Bay Area rental market and airfares increase!
Do you remember;
1/ Savings and loan scandal 1987 rents increased
2/ Loma Prieta earthquake rents increased
3/Oakland Hills fire rents increased
4/Russian economy crisis (you forgot about this one) rents increased
5/Tech bubble rents increased
5/911 rents increased
6/ Financial collapse rents increased
Honorable mention to invasions of Iraq (2).
In all cases residential rents in the Bay are increased due to potential buyer fear leading to delays in decisions to purchase which drives demand for an ever dwindling supply of rental housing. This makes real estate one of the most bullet proof investments you can buy!
On December 24th 1986 I received my letter from the then Dept of Real Estate telling me I had passed my examination exam, seems just like yesterday! Anyway here are a few of the homes I have SOLD since then (records only go back to 1991) in the Coventry Avondale Stratford Park neighborhood. Is yours next?
Perhaps its because families have already moved or that transferees will not enter the market for several weeks
or that buyers are on vacation or all of the above, but there is no doubt the market is slowing down.
Now when I say slowdown it still means houses are selling in @ 30 days or so, just fewer multiple offers that’s all.
5616 Arlene Way Livermore Ca 94550
4 beds 3 baths, 2515 square feet lot size 9000 sq feet
Clean remodeled kitchen with granite counters stainless steel appliances, new hardwood flooring, remodeled bathrooms and a large private backyard!