Marin Rental Market in February: Where Did All the Inventory Go?

If you were a tenant in January looking for a rental in Marin you probably asked yourself "Where did all the  Marin rentals go?"

It's a good question.

January was a very busy month for Marin rentals: not only was there not much inventory, but a lot of what was there rented seemingly overnight.  Here at the Marin Leasing Team we blew through almost all of our inventory in a period of about two weeks!  My leasing partner (and fiance') Christopher and I in particular were exceptionally busy: I had a relocation client in town with a very tight timline, Christopher had family in town for his uncle's 60th birthday, and we had a big change of plans in our wedding planning for May that threw us for a planning loop!  :)

Christopher and I remarked to ourselves that we felt like we running like we did in summer of 2006 when Marin rentals were at their peak!  (Except, for you know, the rain and all.)

For example, we had property in Mill Valley that had been on the market for over 100 days with virtually no interest. Then suddenly in January, we found ourselves with four (yes FOUR!) dueling applicants.  Another home I was just about to list in San Rafael on the higher end of the price per sq ft spectrum (gorgeous by the way) went before I even really brought it to market with three (yes THREE!) offers, one of them above asking. 

But - 60th birthdays and wedding planning aside - tenants in Marin were on the prowl in January and we think that's a great sign for everyone.    Here's a link to some of the great rentals we moved in January: http://marinrentals.blogspot.com/

So what does this mean? 

If you're a Marin landlord, don't pop the champage just yet.  (Unless you're coming to our wedding, of course, then, please pop away.)  January showed us a surge in Marin rental business, but prices are remaining level at best and still soft at worst.  So far 2010 is looking up, but the surge may have been pent up demand from the holidays....or it could be the first sign of a turnaround.  We just don't know yet.  What we do know is there are more tenants out looking and hopefully, we can start to plow through some of this excess inventory and get back to a balanced market.  Our advice for landlords is still the same: when you have vacancies, use the time to update your units!!!  Better properties means better tenants and better rents!!!

And tenants, if you're looking, as always my advice is to act quickly when you see a property you like!  Even when a property has been on the market "x" number of days, if there's one thing we've noticed in this business it's that interest moves in waves.  Nada...nada....then BOOM everyone wants one particular property!  So when you like a home, apply, and act quickly.  Know your credit scores, be prepared with income and tenancy verification, and as I always advise, don't overplay your hand.  My relocation client almost lost the property we identified for him to another applicant because we offered under asking.  (For the record, we came up in our offfer to full price very quickly upon hearing there were other applicants and we did get him the house....but it sounds like I should have been taking my own advice!)

My team and I specialize in Marin rentals and Marin Relocation: call us anytime.  Office (415) 507-9600 or email me at darcy@foundationmarin.com .  We offer a full range of services of many levels including property consultations for Marin landlords and Half Day Tours options for tenants relocating to Marin. 

Cheers!

 

February 1, 2010 03:55 by Darcy
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