News
APARTMENTS HAVE MOMENTUM
February 15, 2012
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| Town Centre Commons in Brentwood may look unassuming enough, so why are we showing it? Because Marcus & Millichap just listed the 137-unit Brentwood multifamily complex for sale. M&M’s Brandon Geraldo, who’s repping the seller, says strong apartment rent growth in San Francisco and parts of the South Bay continue to support renter migration to the East Bay. Coincidentally, San Francisco moved up five notches to the No. 2 slot in M&M’s National Apartment Index. Among the reasons are high-paying job growth in the tech sector and limited new supply. The firm expects San Francisco's apartment vacancy to shrink to 3.1% this year, while effective rents climb 7.2% to $1,947/month. |
