There is no time like the present…
Rising home values and an increased demand for rental properties are expected to keep pushing rent prices steadily upward over the next two years. Great opportunity for investors to seize available and attractive homes that are increasingly desirable to rent.
New data compiled by the University of Southern California’s Lusk Center for Real Estate showed nearly 6,700 new units were completed in Los Angeles, Orange and San Diego counties and the Inland Empire between the second quarters of 2012 and 2013 — a three-year high — even as the market absorbed nearly 11,900 units.
The vacancy rate for Orange County was at 3.2 percent, down 12.4 percent; and the Inland Empire was 3.6 percent, down 17.3 percent.
The sharp rise in demand is being primarily driven by “deteriorating home affordability,” according to Richard Green, director of the Lusk Center and co-author of the study.
“Despite marked improvements in employment and the overall economy, the rapid increase in home prices and interest rates are pricing first-time homebuyers out of the local market,”
Let me know how I can help you find the right investment property in Orange County or if you are a renter contact me to help you find the home of your dreams in our coastal cities before rent prices climb further!
Make it a great day!