Riverside is one of the fastest-growing counties in the entire nation. For real estate investors, that means that now is the time to get ahead of the curve.
As the population increases, so does the need for rental and commercial properties. However, that doesn't mean that all real estate investments will work in your favor equally.
Today, we're going to talk about the Riverside real estate trends that you should know before investing in property. As always, our goal at PMI Riverside is to increase the value of your real estate portfolio.
Read on for five Riverside real estate trends you won't want to miss.
1. Demand for Affordable Rental Properties
It's no secret that the cost of rent has gone up around the country, and that includes right here in Riverside. Many residents are feeling the heat and spending more than half of their monthly income on the cost of rent. As a result, there is a high demand for affordable rental properties and units, making those lower-cost properties a sound investment.
2. Commercial Real Estate Is Booming
As a result of the COVID-19 pandemic, commercial real estate took a blow. To the surprise of many real estate investors, however, the commercial real estate industry in Riverside and surrounding counties is making a major comeback. There is a high demand for office space, in particular, as companies shift away from remote schedules.
3. Renting Is Easier Than Selling
High interest rates are leaving many sellers with their hands tied as buyers wait for the tide to change. Many would-be first-time homeowners are opting to continue renting, which means that now isn't the best time for real estate flipping. Instead, investors should focus on renting out properties and allowing the property value to appreciate in the meantime.
4. Sales Have Slowed
In the early days of the pandemic, houses sat on the market for less than a week. Because of the aforementioned high interest rates, there's a longer lag time between listing and selling. This gives investors the opportunity to take their time and perform thorough housing market research before buying properties that will yield the biggest ROI.
5. Property Management Is Key
Today's renters have high expectations and won't settle for mediocre rental units, particularly in relation to high costs. If your goal is to generate a passive income, you're going to need to partner with experienced property managers. We handle everything from marketing your listing to taking care of tenant concerns and maintenance issues while you enjoy the profits of your investment properties.
PMI Riverside Is Your Source for Real Estate Trends
The latest Riverside housing market predictions all point to one thing: the demand for rental properties, both residential and commercial, is high. With the help of PMI Riverside, you can put together a portfolio of competitive properties with high occupancy rates and a strong ROI.
To learn more about our property management services in Riverside, CA, contact us today.