Article Launched: 11/22/2005 06:26:58 AM
Area rental relief
Apartment construction keeps pace, rents stay down
The latest survey of rents in Vacaville and Fairfield has some good news for apartment dwellers, some favorable results for landlords and an indication that the housing challenges ahead have not changed much.
For those looking to live in a smaller studio apartment, the supply is not overwhelming. Therefore, it was not unexpected that rents increased more than 7 percent over what a renter paid a year ago. New construction is focused on larger units - two or three bedrooms for renters who cannot get into the single-family home market.
The median rent for a studio apartment in the area is $750, an increase of 7.14 percent from 2004.
However, a survey by Fairfield's Planning and Development Department showed that rents were stable for the larger units, as vacancy rates climbed a bit. The median rent for a one-bedroom apartment increased 3.13 percent, to $825, while the two-bedroom apartment median rose only .22 of a percent to $925. The monthly rate for a three-bedroom unit rose 1.88 percent to $1,195.
Overall, it seemed, the landlords were able to raise rents, but nowhere near the skyrocketing ascent they took three or four years ago when the demand overran the supply. Double-digit rent increases were common back then.
New construction has been a bit more healthy in recent years. City planners and elected officials have realized the need to provide rental housing in the market. After all, fewer local residents can afford to get into home ownership these days.
New construction seems to have kept pace with demand of late. Still, most of those in entry-level jobs still cannot afford to live in Vacaville or Fairfield. They commute from communities like Davis or Woodland or West Sacramento where rents are more affordable.
In other words, the local cities should continue to move along multi-family projects in order to keep pace with demand, but also to keep rents from climbing too quickly. In Dixon for instance, a new complex that offers help to qualified individuals - those whose income is below the median - is ready to open with 200 would-be renters on a waiting list for 100 units.
As long as workers and residents flow out of the central Bay Area to Solano County, the pressure on the housing supply will not cease. Policy-makers in our cities should not constrict the builders who are ready to provide rental units for those not ready or able to become homeowners.
Tuesday, November 22, 2005
- ► 2007 (799)
- ► 2006 (662)
- Filling In
- Making it Big
- Copart Acquires Central Penn Sales
- More C-17s could be headed to Travis AFB
- Rockville Trails Estate, water district part ways
- Fairfield responds to jump in crime
- California Coffers Swelling Again After Struggles
- Economic picture good for Solano County
- Apartment construction keeps pace, rents stay down...
- Dixon Trustees Unanimously Approve New School
- Travis Air Force Base Gets Millions in Funds
- Bill Would Fund Solano Transportation Projects
- Ready and Rented
- Reading, Writing and Religion...
- Helping Solano County Business Flourish
- Results of Annual Apartment Rent Survey Conducted ...
- Top Solano leaders target coordination on key issu...
- Lennar Gets Extension on M.I. Deal
- Travis Prepares to Accept C-17s
- County Program Extends Health Care to Homeless
- Dixon Trustees May Accept Bid for New High School
- With New School Coming, AmCan Weighs Amenities
- Capitol Corridor to Serve Proposed Fairfield-Vacav...
- Vaca Public Works 'Agency of the Year'
- Jockeying for Jobs
- Flying high: Vallejo's Six Flags reports larger pr...
- Perils of converting old bases
- Editorial: Port of Sacramento - The Sacramento Bee...
- CBS 5: Port Of Oakland Gets $48 Million For Improv...
- Bioscience firm creates safflower rich in healthy ...
- Bay Region's biotechs spend $4B a year on research...
- House approves water project bill with more than $...
- Vallejo Receives Two Big Charter Grants
- A Wealth of Walnuts
- A New Hope for the Homeless
- Shea donates to fire and police effort in Rio Vist...
- Large Scale Biology Corp reports third quarter res...
- Copart, Inc. (NASDAQ: CPRT - News) today announced...
- Development Dues
- Delegation From Philippines Visits Vallejo to Stud...
- Hearthstone Turns its Eye to Vallejo's Hiddenbrook...
- Caltrans wants AmCan to widen Highway 29 to Napa
- Ranchotel owner offers to share land with K-9 faci...
- Solano County seeks panel members to help update G...
- City of Fairfield Green Valley may get upscale bis...
- It's supersmooth in Dixon Rare welcome for Wal-Mar...
- Solano Still Rules
- Solano County Seeking its Foothold on the Wine Ind...
- Project in Works to Bring Italian Cuisine to Valle...
- Mare Island Indicates Possibilities
- ▼ November (50)
- ► 2004 (125)