The following article in the latest issue of Market Matters put out by the CALIFORNIA ASSOCIATION OF REALTORS® is timely not only for the Bay Area but the Napa Valley. In the nearly 30 years of selling real estate here, I have never seen a tighter rental supply. The larger rental management companies have only a few available rentals and demand for them is high.
California second least affordable state for renters, study says
Source: LA Times
The National Low Income Housing Coalition released a report that found California renters must earn more than triple the minimum wage to afford a two-bedroom apartment. The report states that an estimated 61 percent of California renters cannot afford a two-bedroom. In the Bay Area, a worker needs to earn $37.62 an hour to comfortably afford a two-bedroom apartment.
According to a recent article in the Napa Valley Register br Jennifer Huffman, residential rents increased by 8.4% in 2013. Here are average rents by type of rental from her article:
Napa County rents
Average asking rent in 2013
Studio — $850
1 bed 1 bath — $1,317
2 bed, 1 bath — $1,474
2 bed, 2 bath — $1,736
2 bed, townhouse — $1,425
3 bed, 2 bath — $1,923
Let me put my nearly 30 years experience to work for you and help you get the perfect Napa Valley property, please contact me