Southern California is a destination spot for prospective renters and visitors alike. With so much natural beauty and things to do, it’s easy to see why Long Beach is part of the boom. Rent prices in Los Angeles County are already notoriously high, but experts predict a rise over the next few years. If you currently own property in Long Beach and are curious about renting it out, now is the time to jump on the bandwagon.
According to the LA Times (link no follow), rent in Southern California is expected to rise over the next few years. While it doesn’t compete with San Francisco, Long Beach and Los Angeles County stands above the national average for rent. With a qualified property management company, you can reap the benefits of these rising prices without the hassle of advertising, screening tenants and organizing repairs.
Why is Rent in Long Beach Rising?
Since 2015, Los Angeles County, including Long Beach, has seen an 8.3% increase in rent. The average rent is expected to hit $1,416 in 2018, just above the national average. Part of this boom comes from the 38,000 permits for high-end multifamily homes pulled by surrounding counties. However, this still doesn’t satisfy the need of new residents and lower-income families. The California Housing Partnership Corp has stated that Los Angeles and the Long Beach area needs roughly 500,000 new below-market homes. Add that to the existing 500,000 current Long Beach residents and you can expect a full house.
Real Property Management is the Solution
When you work with a professional property manager, you can expect to get the most out of your property. At Real Property Management, we work closely with you to make sure you get the most money out of your rentals as possible. Our team can manage entire houses, condos, multiplexes, duplexes, triplexes and apartment buildings alike. So no matter how many or what type of property you own, we’ve got your back.