Marin Apartment Rents Continue to Soften; Apartment Sales Still Strong
San Rafael–Rents in the larger Marin County cities of Novato and San Rafael continue to be competitive to attract tenants this summer, with one bedrooms being offered at as low as $1995 in Novato and $1825 in San Rafael.
The vast majority of available rentals are in the two largest cities of Marin. Most units available on the market in those locations are two bedroom luxury units that start at over $3,000 per month and go as high as $4,200 in some San Rafael locations.
Southern Marin rents in Sausalito, Tiburon and Mill Valley have been softening in the past three quarters with one bedrooms offered at $2450-$3600 and two bedrooms starting at $3600 and going as high as $4,200 for units with water views and high end finishes.
Even with stabilizing rents apartment investors are still buying pricey Marin County apartment properties that mostly run full year round and easily attract qualified tenants. The Marin apartment occupancy rate is at a record high of just under 98%.
The majority of apartment sales this year have been two to four unit properties, with many buyers intending to occupy one of the units at close of escrow. The continuing competition for houses coupled with the low inventory has pushed many buyers out of the market.
The larger complexes, over five units, are selling very quickly and are averaging around $300,000 per unit in central Marin and as high as $500,000 per unit in Southern Marin.
The charts below show the year to date sales for Marin County Apartments in 2017:
| Year to Date 2-4 Units | ||
| Address | Price | Units |
|---|---|---|
| 59-61 Girald, Sausalito | $1,605,000 | 2 |
| 95-97 Wood Lane, Fairfax | $835,0002 | 2 |
| 223-225 McAllister, Kentfield | $1,393,000 | 2 |
| 415 Shoreline, Mill Valley | $975,000 | 2 |
| 7-11 Locust, Mill Valley | $1,790,000 | 4 |
| 57 Presidio, Mill Valley | $2,285,450 | 3 |
| 1132 2nd Street, Novato | $935,000 | 3 |
| 19-23 Shannon, Novato | $1,095,000 | 2 |
| 38 Jessup, San Rafael | $935,000 | 2 |
| 72-74 Scenic, San Rafael | $1,050,000 | 2 |
| 16-18 Thomas Court, San Rafael | $1,275,000 | 2 |
| 95 Clark Street, San Rafael | $1,288,250 | 2 |
| 23-25 Crescent, Sausalito | $1,645,500 | 2 |
| 215 3rd Street, Sausalito | $1,720,000 | 2 |
| 388 Sausalito Blvd., Sausalito | $1,950,000 | 2 |
| 505 Johnson Street, Sausalito | $2,100,000 | 2 |
| 2090 Paradise Drive, Sausalito | $2,100,000 | 2 |
| 2260 Mar East, Sausalito | $2,370,000 | 2 |
| Year to Date 5+ Units | |||
| Address | Price | GRM | Units |
| 11 Hillside, Kentfield | $2,250,000 | 21.07 | 5 |
| 83-87 Ethel, Mill Valley | $4,500,000 | 16.29 | 9 |
| 5 F Street, San Rafael | $2,200,000 | 16.16 | 8 |
| 7 Merrydale, San Rafael | $2,275,000 | 14.65 | 8 |
| 1704 Lincoln, San Rafael | $3,207,500 | 18.99 | 12 |
| 22 San Pablo, San Rafael | $4,840,000 | 19.52 | 17 |
For advice and assistance in either buyer or selling Marin County apartment properties contact me at 415-302-7730 for an appointment or email me at katherine@khiggins.com .