The high cost of living in California - especially in the Bay Area - has become notorious. While it's easy to become numb to the sky-high real estate costs associated with life in this region, the black and white numbers can be sobering. A new report from the U.S. Census Bureau shows that only half of California residents own their own home.
While this figure might not come as a surprise, it does put the California rental market in perspective. As long as the average Californian family continues to struggle to afford a down payment, there will always be a healthy market for rental properties. In Santa Clara county, the median home sales price stood at $1.12 million in May. Though this signifies a cooling down of the local real estate market, it's indicative of an American dream that's too far out of reach for the average resident. For local property owners looking to take advantage of this dynamic, there are clear benefits to getting into the rental game. Because of the high cost of living associated with our region, you'll never need to look far for new tenants. Turnover in some cities is high, with young professionals and recent college grads looking for opportunities in Silicon Valley. Still, with the right resources, property owners can easily turn a profit. If you've been considering renting out your home, apartment building, or condo, consider working with Cal Bay Property Management. Outsourcing many of the most frustrating parts of landlordship can make a good decision even more appealing. Reach out to our team for more information now! - Scott Safadi, Cal Bay Property Management
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AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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