San Rafael–A recent review of Marin County apartment vacancies shows that not only are Marin rent rates softening but vacancies are increasing in Southern and Central Marin cities this summer.
A simple explanation, the Covid 19 furloughs and layoffs, are forcing tenants to either leave the County or move north to lower rents in Novato and Sonoma County.
A survey of the current advertised available rentals shows that rents have dropped in all Southern Marin cities (Sausalito, Mill Valley, Tiburon, Greenbrae) and that the number of vacancies has increased. Last year, a one bedroom in Sausalito, depending on amenities, could be rented for $2500 to over $3000 per month. This year I have found one bedroom rentals are being offered for $2450.
One apartment owner reported to me that she rented a three bedroom, 2 bath apartment three years ago in Corte Madera for $3600 and in the past two months re rented the unit at the same price.
In Mill Valley, normally a very stable rental community with hard to find rentals, I find that vacancies have more than doubled over the number a year ago, with asking rents for one bedrooms now as low as $1900 per month. A year ago, that rent would have been $2250 per month.
In San Rafael, where the majority of rental units are found in Marin County, advertised vacancies have more than doubled in the past few months and some landlords with multiple vacancies in their properties are offering up to two months free rent. This year one bedroom rents are being offered as low as $1850 per month and one year ago apartment owners were getting over $2000 per month for the same size unit.
The lowest rents in the County can be found in Novato, where one bedrooms are currently offered at between $1675-$1850. In the larger complexes that have upgraded apartments, with amenities like pools, fireplaces and enclosed parking, one bedroom rents can be as high as $2950. Last year, these same modern apartments were being offered for $3450.