House hacking in Berkeley (Southside / Telegraph).

What's actually happening in 94704

• Under construction

  People's Park housing (1,100+ beds) and a 23-story, 1,625-bed UC dorm, both under construction. UC Berkeley / SF YIMBY

• Entitled

  1950 Shattuck tower (599 units) entitled. City of Berkeley

• Operational

  Downtown Berkeley BART in-ZIP. BART

• Adopted

  Southside Plan (85-ft heights, adopted Nov 2023) plus the Middle Housing ordinance (2–8 units by-right on flatland lots, effective 2025-11-01). City of Berkeley

The numbers

Median price

~Berkeley proxy (no ZIP median this run)

Market rent

3bd $3,600 / 4bd $4,400 whole-home (underwriting band)

Property tax (Alameda County)

~1.78% effective (Berkeley city median)

Per-bed rent band

$1,200–1,600/mo per bed

ADU rent band

$2,100–2,700/mo

Whole-home rent band

3bd $3,600 / 4bd $4,400 whole-home

Underwriting vacancy

4% underwriting vacancy

Appreciation scenarios

2.0 / 3.0 / 4.0 %/yr (conservative / base / upside)

Student-driven market; UC demand sets the floor. Appreciation basis: UC demand sets the band; old stock plus student wear at high capex. Rent bands are city-level medians; confirm the specific parcel before trusting any of them. Run your own scenario in the calculator.

The house-hack angle

Room-by-room to the UC market: the deepest room-rental demand in the metro, with Middle Housing raising the by-right ceiling to 2–8 units on flatland lots.

What breaks it

• Old stock plus student wear carries high capex
• Student rooms are the most exposed segment in a rent-softness stress
• Berkeley's ~1.78% tax needs more rent coverage than the mid-county alternatives