As a long time multifamily investment broker I watch the local Marin County apartment market closely and this week discovered that there are an unusually high number of pricey remodeled apartments sitting on the market for rent–with no takers!
For example, a large complex located at 350 Robin Drive in east Corte Madera, currently has over 20 vacant units listed on our local multiple listing service. These just starting appearing a couple of days ago and no one seems to be in any rush to pay $3,900 for a tiny, remodeled one bedroom apartment. At 700 Larkspur Landing Circle in east Larkspur, near the Ferry Terminal, there are an almost equal number of vacant units-all less than 600 square feet and offered at over $3,000 per month.
Likewise in Novato, another 25 minutes north of these locations, the downtown mixed use project known as Millworks (condos above the Whole Foods on DeLong Avenue) is experiencing a number of vacancies with no takers. As the market tops out and softens owners will start offering incentives to applicants and it is already starting at the Millworks Building. Last week, a 1,638 square foot two story townhouse was being offered on their website for $3,716 per month. This week, the price on the unit was dropped to $3,461 with an offer of a half month’s free rent.
All hot markets must come to an end and it looks like the formerly hot North Bay rental market is just starting to cool as renters look elsewhere for more affordable housing.