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Rental signs in Davis, fall 2020
On today’s Davisville we talk with Steve and Kit Boschken, Davis real estate experts and the owners of Boschken Properties, about the housing market in Davis this fall. Today's topics follow up our talk with Steve Boschken last May, and include apartment vacancies, the thin supply of homes for sale, rising home prices, the pandemic, unhealthy air from the wildfires, rents, buyers, trends, interest rates, lasting impacts, and not knowing when students will be able to resume in-person classes at UC Davis. Almost all UC Davis classes this fall are online, and could stay that way through the rest of the academic year.
Comments
The program provided some good discussion of our micro-economy here in Davis, thank you. I would add a few other thoughts. One thought is that even though we are absolutely experiencing a higher than "our" normal vacancy rate. The pressure from UCD's growth will continue. The UC LRDP shows an increase in roughly 10,000 staff, faculty and students in the next 10 years. That increase in growth will pretty much guarantee growth. Additionally, the fact that we have a relatively small footprint for the city of Davis (i.e. very little approved land for single family housing) and few if any new projects that are coming online.
While, there are new apartments both on and off campus coming on line it will be difficult to keep up with the need for housing. I believe we will see a low vacancy rate again next year.
Also, a game changer is that UCD has been conducting on campus testing of Covid-19. The indication from UCD is that once campus has managed the testing for all on campus, the testing will roll out to the community. This testing will create a feeling of a safe environment. That will make Davis a very desireable community to live in.
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