The Long Beach real estate market is thriving, and this is an excellent time to purchase a rental home. If you’ve been thinking about buying your first investment home, now is a good time to get started. If you’re hoping to add an asset or several assets to your growing investment portfolio, you can find a number of great opportunities in Long Beach and the surrounding areas.
Today, we’re sharing just a few of the reasons you might want to consider entering the local market when you want to invest in rental properties.
Strong Long Beach Economy
Long Beach has a stable economy, and it’s well-positioned to continue growing. The job market is one of the best in California. A number of local and international companies are developing headquarters and corporate offices in the city, which is ideally located on the water and close to huge metropolitan areas like Los Angeles and San Diego. There are great jobs to be found, and workers from all industries and income levels find it easy to locate work and build their careers. In addition to a great job market, Long Beach has a high quality of life, which contributes to its economic success. There’s plenty of shopping, dining, and recreation to attract and retain stable tenants.
Low Vacancy Rates
Currently, the demand for rental housing is higher than the supply. That means good tenants are competing for well-maintained properties that are priced right. If you own a rental property, you should not have any problem finding a well-qualified tenant. You can raise your rent comfortably every year without worrying that you’ll lose your good tenants. Occupancy rates were hovering at 99 percent in 2018, and while there are new properties being developed, there’s still a tight housing market for tenants, which is working in your favor as a landlord and investor.
Long Beach Rental Market Diversity
The properties that tenants want the most are single-family homes. In Long Beach, there are several excellent neighborhoods for single-family homes, and many of them also have good schools, easy access to freeways, and an established sense of community. If you’re interested in multi-family properties like duplexes and apartment buildings, you’ll also have a great selection of solid investment opportunities. Condos and townhomes are also available for purchase, and if you’d like to diversify your portfolio with some commercial property investments, the market is especially strong for those. Think about the types of properties you’d like to buy, and you’ll be able to find them in Long Beach.
Professional Property Management Helps
Before you buy an investment property, talk to a qualified professional who can help you understand what you’ll earn in rent, and what types of tenants are most likely to find your property desirable. A property manager can offer advice about the repairs or upgrades that might be necessary to make your property ready for the market, and share some data on the neighborhood you’re considering and its demographics.
We love working with new and experienced investors. If you’d like some help finding the right investment property for you, contact us at CMC Realty.