Move over, New York City. The famously low apartment vacancy rate in Manhattan—about 1 percent—is not that much lower than the rate in Marin County these days. According to data collector Real Facts, the vacancy rate here in the first quarter of 2008 dipped below 3 percent, making it one of the lowest nationwide. And, according to the Marin Independent Journal, some apartment complex managers here aren't even bothering to advertise vacancies anymore; wait a few days and an empty unit miraculously fills itself:
Josephine Agnew, resident manager at Strawberry Shores in Mill Valley, credited the housing market with boosting the demand for two-bedroom, two-bathroom units. The 202-unit complex on Seminary Drive has been completely occupied for the past year, she said.
Agnew said she gets calls and e-mails from people who don't understand the tight apartment rental market.
"Some of them call and want an apartment in weeks or months and that just doesn't happen in Marin anymore," she said.
No wonder Marin rents have been risking steadily; the average is $1,669 a month.Photo credit: [Whyfiles]