Sunday, October 29, 2006

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Robust rental market
Solano's occupancy rates still positive
By Amanda Janis/Business Editor
Article Launched:10/28/2006 08:37:22 AM PDT
Solano County cities have robust rental markets, according to recently released data from a real estate information service.

RealFacts' quarterly examination of the Vallejo-Fairfield metropolitan statistical area - described as the cities of Vacaville, Fairfield, Vallejo and Benicia - found the county's occupancy rate averaged 94.5 percent in the third quarter, representing a 2.3 percent growth during the same period last year.

Though that occupancy rate places the local market 23rd among the state's 25 metropolitan statistical areas, it's considered quite positive. 'We typically look at anywhere between 3 and 5 percent as a balanced rental market,' explained Cindy Johnston, director of Vacaville's housing and redevelopment department.

The department recently completed its annual apartment rent and vacancy survey, and its preliminary, raw data is very similar to RealFacts' findings.
Average third quarter rental rates for Solano County apartments
Studio $805
One bedroom $1,000
Two bedroom $1,155
Three bedroom $1,690
Occupancy rates for Solano cities
Benicia 97.5%
Vacaville 95.2%
Fairfield 94.0%
Vallejo 93.6%
Source: RealFacts


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