Oakland Investment Property
As long as there is a demand for housing in an area, you can be assured that you won't have too hard of a time keeping your property occupied. If you already own Oakland investment property, you've enjoyed appreciation of over 100 percent in the last five years, which is remarkable by anyone's standards. While appreciation is no longer as strong as it was, Oakland Investment property will always be a solid investment for those who have a solid strategy for long term success.
In the past year, values have dramatically increased as the housing market recovers. Investors are seeing income property in as a very sound investment. One of the biggest issues that any potential owner of income property in Oakland should be aware of is Measure EE or the Just Cause Eviction Ordinance. Back in the early 2000's when the market starting taking off, landlords were evicting tenants left and right in order to sell the property and cash in on the equity. Consumer advocate groups became concerned, and they lobbied the City Council to implement an ordinance that placed restrictions on when and why landlords can evict a tenant. Berkeley and San Francisco have similiar tenant protections. Basically it means that an owner cannot evict a tenant just because he wants to sell, they must leave the tenant in place and the new owner has the right to move into one of the units if they are going to live there. If not, they must leave the tenants there unless they aren't paying rent or damaging the property.
This is just a vague outline of what the law says, I would encourage anyone who is considering purchasing income property to check out the City of Oakland's website page that pertains to this ordinance Measure EE. It's extremely important for any landlord to know the laws and ordinances of the City where the property is located. Landlords can be exposed to a lot of risk if they don't adhere to the laws of the land regarding tenants..better safe then sorry.
One of the best resources for any income property owner in the East Bay is ERHA (East Bay Rental Housing Association) you can find them at http://www.rhanac.org/.