Calif. Apartment Survey Finds Increase in Applicants From Foreclosures

Digested From "Rental Survey Finds Increase in Applicants From Foreclosures"
Vacaville Reporter (11/19/08)

According to the annual Apartment Rent Survey conducted by the city of Fairfield, Calif., the number of rental applicants coming from foreclosed homes has increased locally in the last year. The survey queried apartment managers in such markets as Fairfield, Suisun and Vacaville to determine median rents for studio, one-, two- and three-bedroom units, along with the area vacancy rate. Median rents decreased slightly between November 2007 and November 2008 for studios and three-bedroom apartments. However, rents for one- and two-bedroom units rose. As of this November, median monthly rents in the Fairfield area are $698 for studios, $880 for one-bedroom units, $985 for two-bedrooms and $1,348 for three-bedrooms. The overall vacancy rate, meanwhile, has increased from 4.73 percent in 2007 to 6.39 currently. In order to entice potential residents to move into vacant apartments, such incentives as discounted first month's rent and free credit checks are being offered. Besides families of foreclosed homes moving into apartments, owners and managers have said that the increased number of vacancies recently can also be attributed to residents moving from apartments to single-family homes for rent.