Oakland rent index surpasses $3k

cawacko said:
1) Who would have ever thought you'd see these prices in Oakland

2) This is the definition of a bubble

3) This is what happens when you don't build new housing




For the first time, Zillow's Oakland rent index surpasses $3k


In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month, up 70.9 percent from $1,757 in January 2013.
Oakland Takes Steps To Ease City's Housing Crisis

Rent indices, per the Financial Times, are measures of the level of rents in a geographic area over time. They're not always the most accurate form of measurement, but Zillow's methodology attempts to subvert calculation errors by basing their index scores on "proprietary statistical and machine learning models" that since 2010 have kept watch on rental listings and learned the values of various attributes of each home to predict the "prevailing" rent.

The news comes at a time where East Bay housing affordability advocates are pushing for support of Measure KK on this November's ballot in Oakland. The measure would provide a budget for protecting long-term Oakland residents at risk of displacement, including veterans, seniors, and those with disabilities.*

Per Zillow, house values in Oakland have also increased dramatically. The average home in the city now costs more than $620,000, which is double what it was in 2012.*


http://www.sfgate.com/realestate/article/Average-Oakland-rent-now-surpasses-3k-10067009.php
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I thought Oakland was a major shithole?

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Milagro said:
I thought Oakland was a major shithole?

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It's changing a lot. The downtown used to be empty after 5pm. Now there are young people, bars, restaurants etc. There's actually life and a big social scene.
 
cawacko said:
It's changing a lot. The downtown used to be empty after 5pm. Now there are young people, bars, restaurants etc. There's actually life and a big social scene.
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Yeh the same thing is happening in parts of London that nobody apart from the poor wanted to live in before. My sons live in Woolwich which used to have a huge armaments factory at Woolwich Arsenal and suffered massive decline when that closed down. It is undergoing gentrification now, in 2018 there will be a Crossrail station and property prices will go through the roof.

f62856eae237182e8f39d46a1a9d9cd3.jpg


http://www.crossrail.co.uk

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