A booming local economy and the relative affordability of housing compared with other parts of the Bay Area provide the Oakland apartment market with a broad and expanding tenant pool. With more and more hip technology companies choosing Oakland over San Francisco, quality employment opportunities are attracting young professionals to the metro. Even the ride hailing juggernaut Uber has plans to open a swanky new office in a prime downtown location in 2019.
Some highlights from the report:
3,300 new units will be competed in 2017
Record supply additions raising vacancy rate to 3.5% in 2017
Demand will drive up the average effective rent to $2,190/mo
We'll also take a deeper look at Oakland metro sales trends, investment trends and an analysis of submarkets. We conclude with some thoughts on what to look for in the capital markets from William Hughes, Senior Vice President, Marcus & Millichap Capital.