Lack of inventory and rising rent prices in Monterey

Affordable housing is what Monterey City councilors say they’ll be exploring in the coming years.

“The housing element was about two issues, one is maintaining the integrity of the fabric of our community and the other is the future economic vitality of our city,” said Monterey City Councilor Timothy Barrett.

But in the meantime, the struggle continues in Monterey for many to find a place to call home.

“A lot of people are getting quite frustrated, it is getting more difficult,” said Matt Botha, president of Creative Property Management.

Realtors say it’s a problem with many layers.

The influx of students, military personnel and hospitality workers combined with people benefiting from a strong economy is creating a big demand for housing.

But as for the supply, “I haven’t see any new construction in Monterey, Carmel etc.,” said Botha. “Definitely not a multi-family housing.”

Fewer housing options allow landlords to raise rent, potentially making it unaffordable, putting people on the street and hurting future economic growth.

“If you don’t have housing to accommodate your workforce it’s challenging to locate and run a business in a community,” said Barrett.

Realtors say the cheapest unit you can rent in Monterey is a studio of upwards of $1,100 a month, a two bedroom is going to cost you about $1,700.

Barret believes some of the most vulnerable people are being impacted the most.

“Particularly seniors and working families,” said Barrett. “They’re paying a higher percentage for housing than they ought to be, more than 30 percent of their income.”