For the month of April, we focused on all things real estate. From safety to important coverages to consider and the current state of our developing urban core. We had the pleasure of sitting down with Julia Freeland, Sacramento IREM Association Executive, to get her perspective on the current situation surrounding our local rental market.
What are you seeing in the rental housing market in Sacramento for the first quarter of 2016?
The rental housing market in Sacramento remains one of the top markets in the United States right now. Limited housing stock keeps driving up rent, especially in the midtown/downtown area where the new Golden 1 Center has sparked a lot of economic activity.
Has there been increased demand? Has pricing, increased? Decreased? Stayed stagnant?
The Sacramento housing market is more affordable than the Bay Area. We are benefiting from that with many residents commuting to the Bay, but living here in the valley. Job growth as well as rents by choice drives the demand. We should continue to ride this upswing in demand through 2016.
Are there any legislative issues facing the rental housing market at this time?
There are always legislative issues facing this industry, especially in this type of market. Advocacy is a key component of what IREM does for our members and the industry as a whole. In fact, we just recently attended the IREM Legislative Conference in Washington, DC, where our Legislative Chair Bill Sheridan spoke with legislative representatives about issues facing this industry.
Have you seen any other trends in the rental housing market for 2016 that you could elaborate on?
There is a positive for renters with these rising rents. Owners are upgrading their properties with renovations and amenities, everything from granite counters to wifi. The coveted millennial resident has high expectations, so we are seeing more high tech and innovative amenities.