Soon It May Be Easier (And Cheaper) To Find A Rental In Manhattan Than In Marin

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]

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Marin foreclosures at a glance

Not a pretty sight, but a really pretty site. Real estate startup Hotpads scrapes national housing data (for sale, rental and foreclosure) and displays it on a map for your browsing pleasure. The foreclosure data comes from RealtyTrac; rentals and for sale data comes from homeowners and real estate agents' sites.

[Story via TechCrunch]

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Luxury Apartments For Corte Madera?

The new owners of Madera Vista—one of Marin's largest if not best-kept apartment complexes—are embarking on a $25 million plan to spruce up the joint, according to today's Marin Independent-Journal, which notes that the aging seven-buliding complex has "sweeping views of San Pablo Bay and easy access to public open space."

Tenants in Building 7 were the first to be told to scram (by June 1). Rents, for anyone who might be thinking of moving back into the 126-unit complex after renovations are finished in three years, will set a Marin record:

Apartment broker Scott Gerber of NorCal Commercial Inc. in Larkspur, said Madera Vista will probably have among the highest rental rates in the county. Average two-bedroom apartments go for $1.76 to $1.79 per square foot in Marin and properties at the high end cost about $2.30 per square foot. He said Stellar could end up asking $3,575 for a 1,300-square-foot two-bedroom unit given their investment, the location and the views.

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