Orange County Real Estate Investors, have seen in recent years a tight knit rental market and a shortage of available units. Although, renters are frustrated with prices going up, these trends are welcomed by property managers looking at lower rental vacancies and keep a steady amount of good tenants.
Property Management Related Study
In Los Angeles, 89.3 KPCC public radio station had reported a rise in rents across the county. USC also did a study that found rent across the country was projected to grow about 8 percent from 2014 through mid 2016. Researchers from the radio station found that rent in Los Angeles alone was up by 12 percent by 2015.
A Rent Increase
Orange County Real Estate Investors a seeing an increase in rent growth varied across city submarkets, Axiometrics reported. Pasadena had about a 7.5 percent rent growth. In the mid range with West Hollywood, Beverly Hills, and Park LaBrea, about a 5.7 percent rent growth.
Other submarkets with the lowest rent growth were Downtown, Silver Lake, and Westlake with 4.3 percent increase, and Hollywood and Los Feliz with just about a 3.3 percent rise.
Orange County Real Estate Investors Deal With Unhappy Tenants
Any newcomer to Los Angeles will be surprised at what they can rent with a budget, and these new residents could end up paying a premium for properties with particular amenities.
In combination with these high rents was a low vacancy rate of about 3 percent, this left Angelenos struggling to find a place to live. Tenants will be less likely to leave knowing how few rentals are actually available.
Trying To Keep Up?
Orange County Real Estate Investors know how to keep up with the joneses, it’s important to respond to a tenant’s requests and providing excellent customer service, not only that but property managers can help long term tenants remain upbeat about where they live.
In the case of a tenant deciding to leave, there is really no shortage of interested applicants waiting to catch the next vacancy.
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