The SoCal Rental Market
Renters have outpaced homeowners in many larger U.S. cities. According to a recent U.S. Census data review, RentCafe has reported that over the last decade there are about 700,000 more renters than homeowners in 97 of the nation’s 100 largest cities. The population has grown by 23.7 million people over that time. Renters have grown by 23 million and homeowners by 22.3 million, according to RentCafe. Same goes to the population of Orange County.
What Does the Data Mean?
It is still a strong rental market in Southern California and it affects prices depending on the demand in a given area. Landlords can expect good returns on their rental property investment. Tenants can expect strong competition from other renters in densely populated cities. Having good tenant qualifying factors such as rental history, credit, background, and employment are as important as ever.
Tenants can also expect new construction catering to renters as supply tries to catch up to the demand. Builders will focus on things that are important to tenants. A recent trend are rental communities that offer resort-style amenities such as swimming pools, recreation rooms, dog parks, and fitness centers.
Individual landlords will be competing with these rental communities for quality tenants. A high level of customer service should be provided to tenants as the communities are professionally managed. It’s always important to price units correctly and amenities offered by the competition may affect rental prices.
Why Is it Important?
The numbers indicate a strong Southern California rental market. This affects both landlords and tenants. Whether you’re a rental homeowner or a tenant getting ready to move, it’s important to know how changes in the market may impact you.
Contact us for more info about the local rental market and how we can help you.