Bakersfield Multifamily Report
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.
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
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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