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Bay Area Multifamily Investment Remains Strong Despite Threat Of Costa-Hawkins Repeal
Investors are paying top dollar for multifamily assets in the San Francisco Bay Area, lured by ongoing rent increases, tremendous demand and strong employment growth. Even with the potential negative impacts of a repeal to the Costa-Hawkins Rental Housing Act looming, investors keep coming to the Bay Area.
Sales volume in the Bay Area increased $458M to $1.2B during Q2 quarter over quarter, according to Cushman & Wakefield’s second-quarter Market Insight Multifamily Report. Sales volume reached $2B year to date with an average of $421K price per unit. Private and institutional capital made up 78% of the total investment activity.