San Diego has one of the best climates in America. The city is known for its year-round mild climate that features 201 days above 70 degrees and, at most, 13 inches of annual rainfall. That’s enough to make anyone want to live in San Diego, which is evident in the thousands of people who visit each year.
What does this mean? As a premier San Diego property management company, we work with many clients who have fallen in love with the city while on vacation, have decided to purchase a property, whether it is a home, apartment or condo, and would like to rent it for additional income when they aren’t spending time in it themselves.
Although any house can be a home and/or rental, not every home makes a good rental property. Prior to purchasing, it is important to know what characteristics make for a suitable rental property, as well as the things you should avoid when looking for an investment. A few notable characteristics include location and proximity to the beach, shops and restaurants, neighborhood, square footage and amenities.
It is also important to learn a bit about the local rental market and what you can expect with vacation, home and apartment management in San Diego. San Diego’s apartment sector performance has historically high standards with an occupancy of 96.7 percent, which is the strongest across Southern California, however, with just a 2 percent increase in 2012, the city is not seeing solid rent growth like that of Los Angeles and Orange County.
Additionally, much the 1500 new developments have been affordable living or student housing. The high-end downtown and Coronado market suffered a 3 percent rental price decrease in 2012. Many residents complain that there’s not enough desirable market-rate product.
San Diego’s unemployment is only down 3.6 percent since 2008 compared to Los Angeles at -6.9 percent and Orange County at -7.6 percent. Many experts attribute this economic success to San Diego’s record breaking 3519 units leased in the third quarter of 2012.
Need help piecing these statistics together? Call us today and speak with an expert San Diego residential property manager and learn if renting a property is the right choice for you.