 As coronavirus outbreaks spread across the world, investors are turning to US real estate as the more seemingly stable and safe place to park their money. Roofstock, a company that sells single-family rental homes online, has seen traffic from Asia recently spike by 500%. Germany, Australia, and the UK also showed a surge in online traffic. Chinese investors noted that our healthcare system was one of the reasons they rated US housing so highly (if only they knew..), which could prove even more valuable in the post-pandemic environment. Crossing fingers we see the other side of this soon!
Big news for both renters and landlords in Oakland—the City Council unanimously approved an ordinance banning landlords from inquiring about potential tenant's criminal history or rejecting them based on having a criminal record. Berkeley is planning to vote on a similar measure in February.
Long but necessary list of exemptions include: single family homes, duplexes, triplexes, in-laws with the owner living on the property, tenants looking for a roommate, and government-subsidized affordable housing. Supporters say this will help to ensure those with criminal records have an equal chance to secure housing and successfully reintegrate themselves back into the community. Landlords have 6 months to adapt to the law, or they'll be fined up to $1000 for each violation. We all hear it time and time again. "Rent is so expensive in the Bay Area!" But just how expensive? Well, rental website Zumper actually reported that rent prices broke all-time high records not once, not twice, but SEVERAL times in 2019! According to Zumper, the median price of a one-bedroom apartment in SF this past June was $3,720. According to another rental website, Adobo, a one-bedroom in SF was going for even more, topping out at $3,904 just last month.
The good news is that the current SF one-bedroom median price is now estimated to be lower, around $3,490. And by good, I mean actually-just-medicore news because wow, that is still a ton of rent money. Wouldn't you rather just use that money to build some equity in a home across the bay and take advantage of all the tax write-offs instead? Asking as a (knowingly) biased real estate agent. |
MICHAELA TO
510.266.2802
mto@MichaelaTo.com
6211 La Salle Ave. Oakland, CA 94611
DRE# 01883913
510.266.2802
mto@MichaelaTo.com
6211 La Salle Ave. Oakland, CA 94611
DRE# 01883913
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