Results of Annual Apartment Rent Survey Conducted by City of Fairfield

For Immediate Release

Contact Name: Lark Ferrell

Housing Project Manager

Planning & Development

Phone: (707) 428-7457

Fax: 707-428-7621

Results of Annual Apartment Rent Survey Conducted by City of Fairfield


Fairfield, California (Friday, November 18, 2005)

The City of Fairfield Planning and Development Department conducted its annual apartment survey of the tri-city area, which includes the cities of Fairfield, Suisun and Vacaville. City staff surveyed 117 apartment complexes, accounting for 7,975 dwelling units. The survey is conducted to determine median rents for studio, one-bedroom, two-bedroom, and three-bedroom units and the area vacancy rate.

Median rents have increased in the past year. In November 2005, median rents are: $750 for studios, $825 for 1 Bedrooms, $925 for 2 Bedrooms, and $1,195 for 3 Bedrooms. The chart below shows the change in median rents over the past five years and the previous year by bedroom size.

Percentage Change In Median Rent

Time Period
Studio
1 Bedroom
2 Bedroom
3 Bedroom

Mar. ’00 to Nov. ‘05
43.40%
29.31%
32.14%
47.53%

Nov. ’04 to Nov. ‘05
7.14%
3.13%
.22%
1.88%


Source: City of Fairfield Planning and Development Department

The overall vacancy rate slightly decreased from 6.09% in 2004 to 5.94% in 2005. A five percent rental vacancy rate is considered healthy. The reported time of an apartment unit remained vacant before a new tenant was identified to rent the unit decreased from 21 days to 16 days.

Vacancy Rates since March 2000

Vacancy Rate and (Number of Units Surveyed)

City
March 2000
October 2001
March 2002
November 2003
November 2004
November 2005

Fairfield
1.82% (3,700)
2.25% (4,094)
2.94% (4,080)
4.92% (4,007)
6.69% (3,844)
5.65% (3,839)

Suisun
2.81% (712)
1.56% (704)
1.56% (704)
2.52% (674)
3.53% (623)
8.42% (677)

Vacaville
0.38% (3,261)
1.97% (3,453)
3.13% (3,451)
4.76% (3,360)
5.89% (3,461)
5.78% (3,459)

OVERALL
1.28% (7,763)
2.07% (8,251)
2.90% (8,235)
4.65% (8,041)
6.09% (7,928)
5.94% (7,975)

Source: City of Fairfield Planning and Development Department

To encourage renters to move into vacant apartments, 61 of the properties surveyed, or 54%, offered incentives. Apartment complexes that charge higher than median rents are more likely to have higher vacancies and to offer incentives. Typical incentives offered were discounted first month’s rent, discounts off the monthly rent with a long-term lease, and discounts off the security deposit, credit check and application fees.