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Bakersfield Multifamily Report

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Vacancy in Bakersfield, CA Multifamily Housing

Vacancy rates are projected to be lower in Bakersfield, against to United States averages.  That being said, vacancy rates are set around 6% currently in the Bakersfield area, and are forecasted to increase slightly over the next few quarters given the current situation in housing with COVID-19 in our midst.  

  • Class A and B Vacancy Forecasts Multifamily Housing Bakersfield
    • Looking specifically at Class A multifamily in Bakersfield, we are seeing a higher than usual vacancy rate.  The current vacancy rate for class A and B properties is around 8% and forecasted to increase through the next few quarters before coming back down to more normal levels
  • Class C Vacancy Forecasts Multifamily Housing Bakersfield
    • These properties are currently seeing lower vacancy rates, closer to 5.5%, which is much better than their higher end counterparts.  That being said, vacancy rates are still forecasted to come up to around 6% and hover around that level over the next few quarters.  

How To Keep Vacancy Rates Low In A Crisis

Rent Forecasts in Bakersfield, CA Multifamily Housing

Bakersfield might be a more sleepy town than others (even though it is top 10 as far as city population goes in CA), which means that rents inherently grew a little slower as well.  On average, Bakersfield has seen around 2% rent growth yearly, but in the past year we have seen 4.4% rent growth and year-over-year growth is also around 3.3%.  The average price per square foot for rent in Bakersfield is now around $1.12.  

  • Average rents by Bedroom size
    • 3 bed – $1200/month
    • 2 bed – $1050/month
    • 1 bed – $850/month
    • Studio – $695/month

Current State Of The Bakersfield Housing Market

Economic Forecasts in Bakersfield, CA

Bakersfield has seen job growth in the recent past.  In the past year Bakersfield has seen a 0.5% decrease in unemployment, however, with COVID 19 the new numbers are bound to be higher.  On the whole, the labor force in the area is set working with essential businesses such as agriculture, oil, transportation, etc.  This, in my opinion, will be a savior of the long term effects that could have been due to the shelter in place orders.  

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Synergy Real Estate & Property Management
Sunny Advani
Personal Lic # 01869864
Office Lic # 02012941

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About The Author
Sanjeev Advani

• Hundreds of Investment Real Estate transactions successfully closed • 350+ Units currently under Property Management • 3+ Years of Construction Management Experience • Certified Property Manager, CCIM (In Progress) • Bachelors in Finance • Bakersfield, CA Native Deep Dive: I have been licensed in real estate for almost 10 years, and I have been specializing in investment and commercial real estate for the past 6 years. Through the years I have worked with Real Estate Developers, Investors, Average Joes, and many more. I am a Bakersfield native, and my educational background is in Finance. I have just completed the CPM (Certified Property Manager) certification which is one of the most prestigious designations in the Property Management Industry, with less than 1800 members world wide. I am also the President of the Board for Habitat for Humanity Golden Empire, the Vice President of the Board for Income Property Association of Kern County (IPAK), and Vice Chair of the Commercial Investment committee at the Board of Realtors. I look forward to working with you towards your real estate investment goals. Sunny Advani California Agent Lic# 01869863 | California Broker Lic# 02012941 Email: Sunny@RE-Synergy.com | Phone: +1 661 235 5726