Rental Crush is Real in Bakersfield

Young family with rental truck on moving day

Renter Anxiety and Desperation

Renter desperation is real in east Bakersfield. Bakersfield’s already tight housing market constricted further in the first quarter of 2021 with apartment vacancies dropping to 1 percent down from about 2.5 percent according to a recent Bakersfield.Com article. However, it’s one thing to read the statistic and totally another to experience it first hand. 

Desperate Times, Desperate Measures

An acquaintance recently posted a three-bedroom, one bathroom, single family home on Zillow. The response was staggering. In three days  there were more than 97 inquiries,  23 tours and 15 completed rental applications. Potential renters were offering  four to six months rent upfront to secure housing. It was astounding to see the level of pent up demand. 

East Bakersfield property rents in three days

Nationally the vacancy rate is six percent. California’s vacancy rate is 4.7 percent and yet Bakersfield’s vacancy is significantly lower. So, what’s going on? Simply put Bakersfield is becoming more desirable as renters are priced out of the Bay Area and Los Angeles markets.  Then there’s the new freedom employees are finding in remote work and being untethered from more urban areas. 

Rental Demand Crosses Ages & Income

There are other factors for rental housing demand according to the Joint Center for Housing Studies of Harvard University. In their America’s Rental Housing 2020 report, they say there are three factors driving demand.

One factor is the rising cost of entry into the homeowner market pricing out an increasing number of would-be home buyers. The second driver is higher income renters who are likely to be families with children.  Finally, the aging of baby-boomers into their 70s-80s is spurring the need for rental housing that better fits their lifestyle.

Competition is Fierce

And what’s going on with housing supply?  There’s not enough housing to go around. The inventory is simply not there even though there’s new construction everywhere you look. Competition remains fierce particularly for single family rental homes as investors flood the market and home owners opt to cash-in on a hot market instead of offering rentals.  So, what can you do to improve your odds of snagging a single-family rental? 

 With that said competition is fierce in today’s market particularly for single family homes. Temporary supply is shrinking as investors flood the market and home owners opt to cash-in instead of offering rentals.  So, what can you do to improve your odds of snagging a single-family rental? 

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