Market Updates: Residential Housing

Rental

In the 2009 National Apartment Index conducted by Marcus & Millichap Research Services, Oakland ranks as the 6th best market in the nation.¹

Similarly, the National Multi Housing Council named Oakland as the 3rd best city for apartment investing in the United States at its 2008 annual meeting.

2009 Forecast

• Average Asking Rent: $1,449
• Vacancy: 6.4%

Source: Marcus & Millichap Research Service, 2009 National Apartment Report.

Owner-Occupied

Fueled by low interest rates and affordable prices relative to other Bay Area cities, Oakland’s residential real estate market continues to see upward pressure on sale prices. With poor prospects in the sputtering stock market, many Bay Area families are investing in real estate.

• Median Home Price: $230,500

Source: California Association of Realtors (11/08)

2007 Building Permits

• Valuation of New Construction Residential and Mixed-Use Permits Issued: $204.3 million

• Valuation of Existing Residential Renovation/Expansion Permits Issued: $130.6 million

Neighborhood Residential

An important function of CEDA is to encourage the development of affordable housing to meet the needs of all Oakland residents. For additional information on the housing market as well as affordable housing developer programs and guidelines can be found on the Housing and Community Development web site.

¹Marcus & Millichap Research Service