Oakland Multifamily Market Report
Apartments in the East Bay Outperform Nearby Counterparts, Creating Shorter Climb to Recovery
East Bay gains footing with reopening. The Bay Area was one of the first areas in the country to shut down during the initial stages of the health crisis and reinvigorating the local economy has proved challenging. The policies that kept some of the tightest restrictions on businesses in the nation strained the local employment market. As cases fall, less-aggressive mitigation strategies are being implemented and should reignite job growth, supporting local businesses. Nonetheless, more than 100,000 jobs remain to be recaptured. Approximately 60,000 new positions would pull down the unemployment rate to 5 percent, a level considered healthy. About half of those spots could be gained in the leisure and hospitality sector relatively quickly when occupancy restrictions are completely removed.