Oakland Boosts Rental Inventory
Recently I had a chance to hear Oakland mayor Libby Schaaf talk about the city’s plans for housing development. This is a banner year for residential permits: 4,500 units (for condominium and apartment dwellings) will or have been given the green light in 2017. Many of the developers are corporate investors responding to the market’s hunger for affordable rentals.
It’s my opinion that this influx of development will not drop prices on single family homes. It will, however, put a brake on rental prices. With an influx of rental units continuing into next year, renters will get some breathing room but sellers will still see big bids for their properties.
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