Wednesday, December 4, 2019

New Study Reveals Millennial Rental Habits

The Silicon Valley housing crisis is no secret. Experts, philanthropists, and some of the world's top business leaders are working to find solutions to the area's affordable housing challenges. A new study reveals more of what many locals already knew: when it comes to owning a home, San Jose Millennials are among the nation's most pessimistic. One in five believes they'll rent for the rest of their lives. 

While the results of the study aren't exactly surprising, they are illuminating. The largest barrier to homeownership is the hefty down payment required upfront. Bad credit is also a challenge, especially for Millennials of color. The study concludes that only 25 percent of surveyed Millennials will be able to afford a down payment in the next five years. 

The result of this unfortunate trend, at least for the foreseeable future, is plenty of renters. Property owners considering renting out their homes, condos, and apartments will find no shortage of people lining up to fill vacancies. If you decide to get into the rental game, be sure to hire an experienced property manager to handle the details - while are residents may indeed be eager for apartments to lease, they can also be more demanding than many new landlords anticipate!

-- Scott Safadi, Cal Bay Property Management

Wednesday, November 27, 2019

Marketing to Baby Boomer Tenants

When you consider the demographics of people most likely to rent an apartment, your mind probably doesn't go to senior citizens. Historically, college kids, young professionals, and families have been among the most likely age groups to rent. Now, experts are predicting the Baby Boomer generation will comprise the next wage of renters.

After paying off their mortgages, many Baby Boomers are selling their homes at a profit and pocketing the money for retirement. Instead of moving to a senior living facility, many are opting to rent small homes and apartments. Scott Safadi of Cal Bay Property Management urges landlords to consider this group when mapping out their marketing strategy for the year ahead.

When trying to appeal to Baby Boomers, center your marketing campaigns around carefree living. After years of home maintenance chores, many seniors are eager for the relaxed expectations that come with rental properties. Promote your amenities, too - Baby Boomers will love the opportunity to swim in a community pool, workout in the complex gym, and play a round or two of tennis on your courts.

Regardless of how you decide to market to Baby Boomers, ignoring them is simply not an option. With so many seniors adopting the worry-free lifestyle that renting brings, landlords can't afford to leave them out!

-- Scott Safadi, Cal Bay Property Management 

Wednesday, November 20, 2019

How Public Libraries are Leading Innovation in Santa Clara Co.

When moving to our community, transplants are quick to ask about the quality of schools, the safety of neighborhoods, and the best restaurants to try. Less obvious - but no less important - are the region's excellent libraries. While they might not garner as much attention as other aspects of Bay Area living, public libraries in Santa Clara County have played a vital role in our local communities.

Now, two local libraries are being awarded for their innovative social programs. The Santa Clara District Library has been granted the top award by the Urban Libraries Council for its "Lending Mindfulness" program. It aims to connect library patrons with the popular mindfulness app Headspace. 500 locals are enrolled in the program.

The second-place prize was also awarded locally. The Gilroy Library partnered with the Department of Child and Family Services and the District Attorney General's office to bring the Rise Up program to life. Aimed at parents of youths involved in the criminal justice system, Rise Up hopes to educate and inform families about the risks of gang violence and break the cycle of recidivism. 

We applaud both of these programs and hope to see further innovation via library programs in the future!

- Scott Safadi, Cal Bay Property Management

Wednesday, November 13, 2019

Celebrating the Holidays, Sunnyvale Style

There's no place like Sunnyvale for the holidays. Whether you grew up a local or have just recently moved to the area, you're sure to find the town at its best during the holiday season. While we may not have a traditional white Christmas to offer, Sunnyvale boasts a number of exciting events and opportunities to feel festive. Scott Safadi of Cal Bay Property Management recommends taking the whole family out to these fun Sunnyvale holiday activities:

Volunteer with Sunnyvale Community Services
December 3
Tis the season to give, but we often forget about volunteering amidst our holiday shopping and wish lists. This year, get a group together to pack groceries at the Sunnyvale Community Services assistance center. The agency brings 1500+ local families groceries and gifts each December, and they're in need of volunteers to pack it all up for delivery! The warm and fuzzy feeling you'll get from helping out will be worth more than anything you find under the tree.

Skate Around Downtown
November 22 - January 20

Lace up your ice skates and head to the downtown Sunnyvale ice rink! Located beneath the historic redwood trees, this holiday-themed rink is the picture of winter cheer. Take your little ones on a lap around the ice, or hold hands with a loved one while you glide along to Christmas carols. Food trucks, special events, and theme nights are sure to make this a new holiday tradition in your household!

Light the Sunnyvale Christmas Tree
December 7

Sunnyvale's annual Christmas tree lighting ceremony will be held on historic Murphy Avenue December 7, 2019. Join the choirs of student carolers as they sing holiday favorites and get your photos with Santa Claus himself! The event is a great way to see the city decked out in its holiday best!

- Scott Safadi, Cal Bay Property Management

Wednesday, October 30, 2019

Green Building Practices Stymied by Industry Politics

An agreement between some of the country's top homebuilders has slowed the progress of green building practices, a new report from the New York Times reveals. Building codes intended to promote more sustainable building techniques and materials have passed in many areas, but a group of industry leaders has blocked them from becoming widely-enacted. The secret deal will help offset costs for builders but may ultimately have a high price tag for the planet. 

While we may not be able to control the choices of homebuilders, we can enact greener policies of our own. Last year, Scott Safadi was recognized by the Mayor of San Mateo for Cal Bay Property Management's energy upgrade efforts. More efficient appliances and apartment units can save tenants money in the short-term and help reduce the overall carbon footprint our lifestyles have on the Earth long-term.

By doing our part to live more sustainably, we can ensure the health of our planet for generations to come. How do you plan to incorporate Earth-friendly practices into your daily life?

- Scott Safadi, Cal Bay Property Management

Wednesday, October 16, 2019

Interior Design Ideas for Fall

Now that summer is officially in the rearview, the fall fun can begin. Sipping apple cider by a bonfire isn't the only way to enjoy the autumnal vibes, though. Create the perfect fall feeling in your rental home or apartment with these interior design ideas. They're versatile enough to keep your place looking stunning year-round! 

Mixed Patterns

Matching your curtains to your carpet and your couch is so 1985. For a more modern feel, consider mixing patterns. You'd be surprised at how chic a floral print pillow can look next to a plaid throw blanket. The best part? You can swap out prints and fabrics without completing starting from scratch on a new concept for the room.

Peachy Tones

Dusty pink has been having a moment for the last several years. Light without being overtly feminine, the neutral tone has serious staying power. Not sure you want to swap out your white walls for pink hues quite yet? Consider pairing the shade with classic fall colors like gold, burgundy, or bronze. 

The Great Indoors

Fall is all about coziness. For a quick seasonal decor update that doesn't break the bank, find a few new candles to add atmosphere to your home. Bonus points if they smell like pumpkin, apples, or pie!

-- Scott Safadi, Cal Bay Property Management 

Wednesday, October 9, 2019

New Law Ties CA Rent Prices to Inflation

Governor Gavin Newsom signed a new resolution into law on Tuesday that may have long-term impacts on California rental market. The bill limits annual rent increases to five percent plus the cost of inflation. Advocates of the law saw the new law will help protect tenant rights and counterbalance rental prices that have skyrocketed for years. Opponents, on the other hand, say the rent cap could hurt supply in a market that's already short on housing.  Wherever you come down on the law, it's likely to have a significant impact on the way rentals are managed over the next few years. 

Scott Safadi of Cal Bay Property Management urges landlords not to make any rash decisions. It's true that many San Francisco landlords opted to covert their units into owner-occupied spaces when rent control was first put in place there. Demand, however, remains high throughout the Bay Area, giving owners the chance to cherrypick their ideal tenants.

The true impact of this new law can't be predicted. So long as area colleges keep turning out new graduates and Silicon Valley tech companies keep creating jobs, though, the housing shortage will continue to be a challenge for renters. There's one thing most Californian's can agree upon: more housing is needed across the state. 

This law may directly impact property owners' strategies for rent increases moving forward. Cal Bay Property Management can help landlords understand their property's context in the overall market and how to employ rent increases in the wake of the new law.

-- Scott Safadi, Cal Bay Property Management


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