Rents are rising

According the the US Bureau of Labor Statistics, the annual CPI (Consumer Price Index) for Primary Rental Housing increased 3.5% from March 2014 to March 2015.

Why the increase in Nevada County rental market prices?  People are renting now more than ever due to the “post-recession life”.  Many of the applicants that BPM, Inc. sees regularly are people that used to be homeowners, but have lost their house to short sale or foreclosure.  Often times, these are our best tenants because they know what it takes to care for a home.  

On top of that, we’re seeing the millennial generation migrate back to Nevada County in hopes of making here their forever home.   While these young people line up their finances and prepare to purchase a home in the next 5 years, they still need a place to rent, and thus turn to renting a Nevada City or Grass Valley home.  High demand, coupled with lack of inventory is creating the rental market pinch and thus driving rents up as well.