Sunday, June 30, 2019

San Jose, Housing Affordability, and the Future of Multifamily Housing

The housing market in San Jose has been competitive for more than a decade. Even in slower economic times, home prices have limited the working class from buying. Now that First American Financial Corp. has declared San Jose's housing affordability the most improved in 44 markets, many believe multifamily communities are on the way out. While it's true that some home buyers will benefit from the latest San Jose market trends, the reality is that just six or seven percent of current renters will be able to afford to purchase a house in the area.

Cal Bay Property Management's Scott Safadi has watched the San Jose cost of living rise through the years, and urges property owners to take the news with a grain of salt. While it's certainly good news that housing is becoming more affordable for the community at large, the reality is that multifamily communities will always be needed. This is especially true of areas like San Jose, which naturally attracts a lot of young professionals not eager to settle down.

While it's true that the Bay Area housing markets look quite different than they did ten years ago, one truth remains: it's incredibly pricey to own a home here. Young people, families and seniors on a fixed income will be searching for rentals they can afford. If you've been wavering between investing in your rental property or selling, you may want to reconsider, as there won't be a shortage of tenants any time soon.

With the right property management team on board, area landlords can earn easy, passive income for years to come. Of course, nobody knows precisely what the future holds, but so long as the Bay Area continues to attract tech companies, startups and the young professionals who work there, Cal Bay Property Management will be ready to take up the daily operations of running rental properties.

- Scott Safadi, Cal Bay Property Management

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