Bay Area Rents collapsing
My tenant decided to move out from my rivermark condo in santa clara . I used to easily find tenants for $2700 ( 1 bed , 1 bath) . However its been 2 weeks and inspite of me lowering rents to $2350 I am not even getting a inquiry . for the first time i have posted on multiple forums zillow,zumper instead of my regular craigslist ad .
I had seen it in the news but experiencing first hand is convincing .
Though i am not happy about it, the prospect that rents are collapsing made me excited about the buying opportunity in multifamily that is coming in bay area . At this rate by December NOI and valuations should drop by 25% . Any thoughts ? I don't see much excitement about it in the forums yet .