The San Francisco Bay area is home to the most expensive real estate in the nation. In spite of escalating prices, buyers must act fast if they expect to close the deal. In the East Bay, the average home sells in 20 days; and the rental market is a whole other beast.
Greg reviewed the listing history for Bay Area cities to calculate the average time between posting an ad and signing a lease. Rentals in Berkeley and El Cerrito move the quickest at 5-6 days. Richmond and Menlo Park are tied for third, averaging 7 days each. San Francisco comes in at a slightly sluggish 15 days, and San Jose at 16.
According to Trulia, the average monthly rent in El Cerrito is $2,950 where 40% of residents rent. In Berkeley, renters comprise 57% of the population and pay $3,500. Rent in San Ramon is slightly higher at $3,695. And of course, the average rent in San Francisco depends on who you ask.
Although competition for property is fierce, the number of qualified applicants is declining with a larger portion of monthly income devoted to housing costs. For a landlord, tenant screening is more important than ever. Greg believes that attracting quality tenants is just the first step to a successful rental portfolio.
"Protecting your investment is a 24/7 job. Most landlords don't have time for proactive management. They tend to react to maintenance emergencies. Consequently, costs rise and tenant relations suffer. Keyrenter has the systems and resources in place to avoid tenant problems while maximizing rental income," said Greg.
Leasing may be advantageous to selling, even for people who are in a negative equity position with their homes. A comprehensive market analysis can help determine the right move. Contact Greg@KeyrenterEastBay.com (510-833-6000) to discuss your options.
For franchising opportunities visit the Keyrenter Franchise website.
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