Are People Leaving the Area? – The Doggie wants to Stay

A drop in the number of people looking for work … some of them may be packing their bags and leaving town to look for jobs elsewhere,” from an article on Oct 16th Mercury News got our attention.

Bailey TenBroeck

Bailey TenBroeck

While unemployment rates are up in the area, are people really leaving Silicon Valley? Sure, the traffic seems to be lighter on the freeways.  But after checking in with the wisdom of Los Altos and Palo Alto realtor water cooler, there isn’t an abnormal increase of clients selling their homes and moving away.

On the apartment rental front, you’d expect occupancy rates to plunge if there were more people leaving the area right now.  Yet, according to RealFacts which tracks apartment trends, occupancy rates are down slightly in Santa Clara County (94.5% Q3 2009 vs 95.6% a year earlier) and the overall trend for the Bay area is staying relatively flat.  So, yes, maybe a few people are leaving, but this isn’t significant enough to call it a trend in our opinion.  Check out the full story in the Mercury News.

One reason people might be staying is rental rates are plunging from a year ago.  What also might be happening is more home owners are becoming renters.  According to the real restate water cooler, some clients are selling now while the market is strong and will be renting for awhile.

This is good news for Fido.  “The quickest way for landlords with vacant units to find tenants is to accept pets,”  according to Ron Stern, owner and CEO of rental-finding service Bay Rentals as reported in the Mercury News.

Weigh-in, are people leaving the area? If so, what are the primary reasons?

– Steve TenBroeck