Why Single-Family
Residential Market in
the Bay Area?

In our most recent quarterly letter to investors, we explain how commercial real estate investors (CRE) may be able to benefit from ongoing market dislocations, and how Pie Properties could ......

Understanding the surge in single-family rental homes

The demand for single-family rental homes has been steadily increasing over the past few years due to a variety of economic, demographic, and lifestyle factors.On an economic level, rising home prices have made it difficult for many potential buyers to purchase a home, leading them to rent instead.Additionally, with historically low interest rates making mortgages more affordable than ever before, investors are increasingly looking at single-family rentals as a viable investment option.Demographically speaking, millennials are now entering their prime renting years and seeking out larger living spaces than what is typically available in multi-unit dwellings or apartments.Finally, changing lifestyles have led people to seek out more flexible housing options that allow them to move around frequently without having to commit long term leases or buy expensive real estate properties outright.

Understanding the surge in single-family rental homes

1. SFR market is the Biggest Market
  • The Biggest market: 85%+ Single Family
    Residential Zoning
  • Limit & the most valuable Land
  • High Liquidity
2. Decreased Construction
In 2022, new housing construction
totaled 2,903 units, a 38% decrease
from 4,705 units in 2021. However,
only 18 of these units were single family
homes, indicating a significant constraint
in the single family homes.
3. Limited Supply
By the end of 2022, San Francisco had
approximately 413,265 dwelling units,
with only 30% being single family homes.

Why Bay Area

High-Paying Jobs
Drive Attractive Real
Estate Market
The Most Expensive
Market in the U.S.
Significant Housing
Shortage

High-paying jobs drive attractive real estate market

The Bay Area has a high median household income of $118,907 in 2019, which is 1.7 times of the national median income of $68,703.

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