Rent affordability in San Mateo County is becoming a serious issue, and pressure from residents and some city and county officials has led the Board of Supervisors to schedule a special study session to address the matter - it will be held March 17th at 9 a.m. - 400 County Center, Redwood City.
A topic that is likely to be at the center of discussion at the Board meeting is rent control. A few weeks back more than 200 people took to the streets of downtown Redwood City calling for the passage of such an ordinance, and since then the discussion has continued among residents and city councilmen. County Manager John Maltbie has been the most instrumental in getting the Board of Supervisors to take a serious look at rent control - and while it is unlikely that there will be unanimous agreement among county officials to pass a rent control ordinance, most are in agreement that it needs to be looked at.
One thing is for sure - rent affordability is deteriorating quickly in the area. According to county data, rent for a two bedroom apartment has raised 51% over the past four years, and now sits at an average of $2,648. But the high rents are based on real economic growth, and for every $2,648 2 bedroom apartment on the market, there are multiple eager renters ready to snatch it up. And with the economy expected to continue its upward trend in 2015, the rental climate shouldn't be expected to get any less competitive.
My best advice? Buy a home as soon as you have the means to do so. Looser lending regulations are making it easier for first time home buyers to enter the market, and with the economy growing the way it is, buying a home in the Bay Area is a sound investment into your future. If you don't believe me, take it from Chris Thornberg - a prominent economist who is widely known for predicting the 2008 market crash. In a recent interview with KQED, he said that the Bay Area is NOT in a housing bubble. He says that the market growth here is not built on speculation as it was prior to 2008, and predicts that while growth may slow down in the Bay Area, it will not stop. His final advice to the listeners was to buy now, anything you can get. (Listen to the KQED segment here) . And while I might not agree with the “anything you can get” portion of his advice, I would highly advise buying a home ASAP, as prices are only projected to rise.
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