BAKERSFIELD, Calif. (KERO) — A new report released by local company ASU Commercial Real Estate shows the rental market in Bakersfield is growing rapidly.
23BC spoke to a representative who explained that the vacancy rate for Bakersfield is at the lowest its been in years. Meaning there are fewer places available to rent.
"So, if you are a landlord it's a really good thing. But, if you are a resident and looking for a place to rent, it's a really difficult challenge number to deal with when it starts to decrease because that means there are fewer and fewer apartments available to rent."
Thurston says that in certain areas of town landlords do not have enough units or properties to meet demand. He says this is also partly due to the pandemic's impact on construction costs meaning fewer new housing units have been built this past year.
Thurston explains that Bakersfield has seen a large increase in people living here and commuting to work because rent is cheap compared to bigger cities.