Demand for larger apartments inflates rent
By Ines Bebea | Daily Republic | November 13, 2007 17:42
FAIRFIELD - Rents for three-bedroom apartments in Fairfield, Suisun City and Vacaville have increased by 14.77 percent over the past year, according to survey results released Tuesday.
In its annual apartment rent survey by Fairfield's Community Development Department, 92 apartment complexes accounting for 8,043 units were surveyed to determine the median rent and vacancy rates for studio, one-, two- and three-bedroom apartments in the three cities.
Median rents decreased slightly in the past year for studios, one-bedroom and two-bedroom apartments, the survey found. But median rent for a three-bedroom apartment increased to $1,375.
'The changes for the smaller one- to two-bedroom apartments were not significant, but for the three bedroom the increase in demand affected prices,' said Lark Ferrell, housing project manager for the department.
'We also surveyed what the vacancy rates were and attempts to convert apartments into co-ops for more space, a move that we discourage because it can dwindle the pool of available units and increase the demand.'
The rise in demand and rent prices for the larger apartments could stem from the slumping real estate market, Ferrell said.
'You could have people looking at a bigger apartment because they cannot afford a home or they had to move out of one,' Ferrell said.
The survey also revealed that the vacancy rate decreased from 4.93 percent in 2006 to 4.73 percent in 2007. But the period that an apartment remained vacant before a new tenant was found increased from 14 days to 21 days.
Reach Ines Bebea at 427-6934 or email@example.com.
Results of Annual Apartment Rent Survey Conducted by City of Fairfield
Tuesday, November 13, 2007
The City of Fairfield Community Development Department conducted its annual apartment survey of the tri-city area, which includes the cities of Fairfield, Suisun and Vacaville.
City staff surveyed 92 apartment complexes, accounting for 8,043 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 decreased slightly in the past year for studios, one-bedroom and two-bedroom units. However, rents for three-bedroom units increased. In November 2007, median rents are: $705 for studios, $815 for 1 Bedrooms, $930 for 2 Bedrooms, and $1,375 for 3 Bedrooms. The chart below shows the change in median rents over the past seven years and the previous year by bedroom size.
Percentage Change In Median Rent
Oct. ’00 to Nov. ‘07
Nov. ’06 to Nov. ‘07
Source: City of Fairfield Community Development Department
The vacancy rate slightly decreased from 4.93% in 2006 to 4.73% in 2007. A five percent rental vacancy rate is considered healthy. The reported time an apartment unit remained vacant before a new tenant was identified to rent the unit increased from 14 days to 21 days.
To entice potential renters to move into vacant apartments, 39 of the properties surveyed, or 42%, offered incentives. This is down from 59% of properties in last year’s survey. Apartment complexes with higher vacancies were more likely to offer incentives. Typical incentives offered were discounted first month’s rent, discounts off the monthly rent with a long-term lease, and free credit checks.
Publish Date: 14-Nov-07
Copyright © 2003 City Of Fairfield All Rights Reserved.
Sunday, November 25, 2007
- Bay Area Regional Forecast Conferences held in Oak...
- Livermore lab and UC Davis get $8.5M grant for rap...
- Solano EDC Praises Conservation
- UC Davis' Burn Center Will Oversee National Resear...
- Touro Facility Will Employ Particle Beam
- Complying The 'Word' For Success
- Businesses Get Tips To Go Green Today
- Map Sheds Light On Vision For Rural Land
- Bay Area To Get $840M For Cargo Improvement
- Coast Is Clear For Wal-Mart In Fairfield
- A compromise can help fix the congestion in Northe...
- Jobless rate stable in East Bay
- Lagoon: Round 2
- UC Davis Energy center has big plans for the world...
- Touro Offers Housing Help
- Dozens Of Area Teachers Recipients Of Mini Grants
- Planners OK a new retail and restaurant center for...
- Funds hike could help relocate I-80/680 truck scal...
- Suisun City manager pursues passion for screenwrit...
- Breakfast Event Set
- More commuters taking Capitol Corridor trains
- Solano Farmers want more bang for buck & Diversity...
- Travis Air Force Base to privatize housing
- Touro sells online division for $190M funds will l...
- Vacaville's Nut Tree site's offerings continue to ...
- Fairfield's overall economic activity apears to be...
- Office building, tower likely at Alamo Plaza
- Vacaville Planning Commissioners endorsed a plan t...
- Waiting for a bus in downtown Vallejo could get sa...
- As businesses grow, so does revenue -- Vacaville r...
- Vallejo schools could end year with $7M extra - a ...
- Demand for larger apartments increase rent in Fair...
- Nut Tree developer, city of Vacaville retool agree...
- Planners OK Center For Dixon
- Funds Hike Could Help Truck Scales
- With Pest Gone, Grape Growers Rejoice
- Broadband To Bring More Jobs To Solano
- Fairfield balances on the edge as housing prices p...
- Benicians Meet To Find Slogan For City
- An Efficient Solano
- Iowa A Step Closer To Vallejo Berth
- City Staff Steers To County's Annual Transportatio...
- Farm Innovation: Walnut Waste Into Energy
- Travis AFB plans major housing redevelopment
- UC Berkeley, BP Finally Sign Contract For Research...
- Sutter Surgical Center Gets High Marks
- Free Meals For A Year Mark Opening Of Mexican Rest...
- Others Interested In Building Vacaville Hotel
- AMPORTS signs agreement with Toyota Logistics Serv...
- Mare Island Developer Marketing Town Center
- Sutter To Offer Advanced Cancer Treatment
- Brewery Honored
- As Businesses Grow, So Does Revenue
- Breakfast Scheduled
- Touro University California to build the nation's ...
- New Dealership Slated For Fairfield Auto Mall
- Sponsors Sought
- Trans Bay Steel Moving To Fairfield
- Solano Looks To Attract, Retain Firms
- Tasty Developments
- Olive Garden Returning To North Solano
- Mare Island developer marketing Town Center
- ▼ November (62)
- ► 2006 (662)
- ► 2005 (627)
- ► 2004 (125)