No matter where you personally reside in the country, property managers based out of San Diego County rave about the rental market. According to an article by realtytimes.com published one year ago, it’s a profitable time for landlords. Although renters pay a premium to live in San Diego California, it’s well worth it because of the climate, excellent job market, schools and lifestyle. By hiring a San Diego County property management company to oversee your investment property, it brings greater peace of mind to long-distance investors. With vacancy rates at about 4 percent, the challenge isn’t finding renters but qualified renters who will not damage your rental home or fail to pay on time. A property manager helps you set the right rent price, sift through multiple applications and show your rental home.
No. 1: High rents means higher profits
Real estate experts point out the rental market is only getting better in San Diego, California. In fact, real estate data shows San Diego ranks 10th in terms of fastest growing rent. In the past few years, rent went up about 13 to 20 percent, depending on the report. The San Diego County Apartment Association found rent increased about 44 percent since 2005.
No. 2: Rising property value means more equity
Another reason to own rental homes in San Diego is due to the rising property values. San Diego ranks 24th in the nation as far as fast home appreciation. San Diego is one of the top housing markets with the average price of $546,800 in 2016.
No. 3: Spectacular population growth means low vacancy
More people moving to the area means lower vacancy rates and higher demand for housing. Officials say San Diego added 33,000 more people each year in the past two years. New employment opportunities brings more people to the area. By 2060, the county’s population will hit 4.07 million, according to the California Department of Finance.
No. 4: People love the beach communities
With 12,000 short-term rentals for vacationers, it’s clear people love the beaches and lifestyle. Because there are so many vacation rental investors, it leaves room for traditional rental home investors. Also, many renters like feeling as if they are always on vacation.
No. 5: Wonderful climate
With 146 sunny days a year, the San Diego climate attracts baby boomers who want to retire as well as younger professionals. A mild climate is paramount to retirees, who tend to pay their rent on time. With such a mild climate, renters save on heating and cooling costs. Also, landlords invest less money on landscaping with California-friendly plants that are drought tolerant.
No. 6: Family friendly and pet friendly
San Diego California is not only a great place to raise a family, but a wonderful place for animal lovers. Dogs and cats appreciate a mild climate. Also, the county has dog parks and pet stores that provide pet shots and ID chips. In terms of the schools and safety, San Diego California consistently earns high grades.
Real estate professionals also praise the areas for a low crime rate that makes it less stressful for real estate investors from out-of-town. In many cases, you can hire a contractor to work on a fixer house while you attend to other business. Once your rental home is rent ready, it means fewer headaches to hire a professional landlord to maintain your baby. Property managers devote their time to the tenants with repair requests as well as the property owners, showing respect and courtesy to everyone.
At HomeTeam Property Management, we provide property management services for new and seasoned real estate investors. If you own rental properties in San Diego, California, contact us today. We also provide leasing opportunities for qualified tenants.