Got an email from my PM in Santa Rosa:
We have been experiencing the rental market slowing during the 2nd half of 2018 and certainly during the Holiday season. The units which would have rented quickly in the 1st Quarter of 2018 are now taking longer to rent. Some properties are also renting for a lower amount compared to a year go.
In the past few weeks, I (Chris) had 2 different leases typed and ready for the tenants to sign and move in. On two separate occasions, the applicants backed out and cancelled last minute before signing a lease and rendering the security deposit.
It has been well over year since the Santa Rosa fires devastated our county, and we have now settled into a new normal. Rents are still relatively high, but they are not like the extreme cases we experienced from October 2017 through February 2018.
BTW they are solid guys, the best among my pool of PM’s. Anyone wants a referral just shoot me a message.