What Are The Top Rental Trends In San Diego?

San Diego Rental Property

By Goldenwest Property Management

SAN DIEGO, CA – There’s no denying that the rental trends in San Diego have changed over the last 10 years and there are new trends that every owner should be aware of especially if they view their rental properties as a business and are serious about building long term cash flow from their portfolios.

Trend #1 – More Seniors Are Renting

Yes, it’s true, one of the top rental trends in San Diego is that more seniors are renting than ever before and they want to be closer to areas of San Diego where they can live an active lifestyle like Downtown. Today’s senior also wants to live in a walkable area that has convenient access to public transportation, nearby shops, cool stores and the businesses that they use regularly.

Trend #2 – Multiple Generations Are Living In One Home

With seniors renting more in this day and age, we’re also seeing multiple generations living at home with those seniors including Generation X and Baby Boomers. Why is this happening? It could be the result of the recent economic collapse but regardless of the reason if your home has dual living areas or a downstairs kitchenette, you shouldn’t hesitate to promote those benefits when you market your San Diego rental property online.

Rental Trends In San Diego

Trend #3 – More People Are Working From Home

Last of all, but most important, more renters in San Diego and across the United States are working from home than ever before. To be exact, a recent study from Global Workplace Analytics shows that up to 25% of the population is working from home so if your San Diego Rental Property has space for an office, ample storage space or is wired for high-speed internet you should hesitate to promote those advantages when marketing your rental property online.

Learn More

To learn more about the latest rental trends in San Diego, or to speak with us about our property management services, contact Goldenwest Management today by calling us at (858) 792-3442 or click here to connect with us online.

Experts Predict San Diego Rents Expected To Continue Rising Through 2018

 

SAN DIEGO, CA. – Thanks to recent statistics from Fox 5, and the USC Casden Multifamily Forecast, we know that rents in San Diego County are predicted to continue increasing through 2018 to at least $1,577 per month, while the average from in Los Angeles County by then is predicted to increase to $1,416 per month.

Supply And Demand Problem

One of the biggest reasons why the San Diego area still continues to suffer rent increases is due to the fact the Southern California has a lack of housing, which will ultimately cause rents here to increase by 10 percent in the next few years, and over 8 percent in the Los Angeles area too.

Sadly, California is actually doing better with building more housing but a large portion of the 38,000 multifamily units that have been built in SoCal within the last 24 months have been higher priced townhomes like those in Downtown San Diego, rather than affordable housing.

A good example of the inventory problem can be found in Chula Vista where just 273 apartments entered the market recently thanks to the new construction of Pulse Millenia, a new apartment complex in the area.

Out of all the areas in San Diego that have been hit hard during this housing crisis, we’re seeing the East County rental market take the heaviest hit, since the area has close to 20,000 apartments but only 204 were available for rent during the month of March.

Average Rent in SD Already $1,618 Per Month

What’s shocking about the recent statistics about rent increases in the San Diego area is that the average rent here is already over $1,600 per month, and the vacancy rate is the lowest that it’s been in five years so it’s likely the average rent in SD will be more than $1,577 per month by 2018.

The good news for property owners is that there’s never been a better time to buy rental properties in San Diego since demand for rentals here is the highest it’s ever been and shows no sign of slowing down for at least another two years.

Good News on the Way For Renters?

Thanks to statistics from MarketPointe we know that rent only increased by 2.79 percent between March 2014 and March 2015 so this could be good news for renters because many analysts are wondering if the reason why rent increases slowed down is because landlords felt that they reached the threshold for what they can ask for rent, or if the average San Diego renter can no longer afford to pay the high cost of living in the area.

Learn More about the San Diego Rental Market

To learn more about the San Diego Rental Market, or to speak with us about property management, contact Goldenwest Property Management today by calling us at (858) 792-3442 or connect with us online.

We can help you get the most out of your San Diego rental property with our effective and professional property management services.

5 Tips for Attracting the Best Tenants for Your San Diego Rental Property

San Diego Rental Property

Have you had the problem of attracting the ideal tenants for your San Diego Rental Property?

Your ideal tenant is literally right around the corner and you can attract them to your rental property by using these simple but proven property management tips.

Tip #1 – Don’t Let Tenant Screening Slide

One of the biggest reasons why some owners have a problem with bad tenants is because they neglect their tenant screening and this is why many people have found themselves renting to tenants who are chronically late paying their mortgages or tenants who engage in questionable behavior in their rental properties.

Tip #2 – Focus on Improvements Where They Really Count

Since most tenants will spend their time in the bathroom vs. the kitchen these days you should invest money into your property where it really counts by upgrading the bathrooms in your home because most people would rather come home to a soaking tub rather than spend time standing on their feet cooking something in the kitchen.

Tip #3 – Create a Profile for Who Your “Ideal” Tenant Is

Another great way to find your ideal tenant is to create a profile for the tenant you would like to rent to because this will also help you when it comes to how and where you advertise to attract those tenants.

Tip #4 – Go Green with Your Rental Property

If you plan on making repairs and upgrades to your San Diego rental property this year you should go green by investing in low flow toilets, energy efficient windows, low VOC carpeting and more.

Tip #5 – Communicate With Your Tenants

From the moment that you first take a call from a prospective tenant to the time that they finish filling out their lease you should make communication a priority with your tenants and do your best to be available for them during normal business hours in they have maintenance requests or other issues that need to be resolved.

Get San Diego Property Management Here

To get excellent property management for your San Diego rental property contact Goldenwest Management today by calling us at (858) 792-3442 or CLICK HERE to connect with us online.

San Diego Property Management & Rentals – 10 Steps to Finding a Better Renter

San Diego Rental Property

By GoldenWest Management, Inc.

SAN DIEGO – One of the best ways you can attract a better quality Tenant for your San Diego Rental Property is to create a home which sets itself apart from the neighborhood competition.

In today’s post, GoldenWest Management, Inc. located in Carmel Valley shares with you 10 ideas you should incorporate to start attracting the “A” rated Tenants. This is applicable whether your home is in Del Mar, 4S Ranch or La Jolla, these tips work everywhere her in San Diego.

Step 1 – Price, Price, Price!!!

Before we talk about things that will cost you money, take a second to review your competition.

The market does not care what your mortgage and total overhead cost is, the market sets the rental price on:

  • What the neighborhood says your type of home (size,bdm,ba,amenities) should rent for…usually it is a set range, and then
  • The time of year, ease of showing, overall condition of the property.

Tip – Because you have $50k in upgrades does not make your home worth 25% more than the market, but, it absolutely will get people to climb over each other to rent it at a little above market.

Step 2 – Spruce up Curb Appeal

Take the time to improve curb appeal by adding potted plants and or flowers to the front of home; painting the front door, clean up the walk way, spruce up the stucco (when was the last time you hosed it down)…buy a new mail box and removing any trash or debris which may have been left by previous tenants.

Step 3 – Improve the Kitchen

Yes, you may be on a budget, but, you can affordably renovate the kitchen in your rental property by doing a basic kitchen renovation which consists of:

  • Sanding and repainting or staining cabinets.
  • Adding new hardware to drawers or cabinet doors.

For $700 you can stain/repaint old cabinets, add new knobs, and self-closing hinges. This is much better than spending $20k on a new kitchen.

Upgrade the lighting (yes that old box light on the ceiling should be removed).

Add a new faucet ($75 to $100 cost).

If you have money left over, think about upgrading flooring (laminate wood)…in a small space can be done inexpensively or you can even do it yourself.

Step 4 – Renovate the Bathrooms

Another great way to attract the perfect renters for your rental home in San Diego is to renovate the bathrooms in your property.

Picture frame mirror, new light fixtures, new faucet and lastly new towel racks can be done relatively inexpensively…caulk the tubs or add on a glass slider to the old tub and you have a whole new bathroom.

Step 5 – Create an Outdoor Space

If your Rental Property doesn’t have a well-defined outdoor space you should consider creating one, especially by lights, zero-scaping, colorful plants, and when possible patio furniture and grill. People want a place to relax or entertain that is outside.

Step 6 – Thoroughly Clean Your San Diego Rental Property

Before listing your San Diego Rental take the time to thoroughly clean it from top to bottom since most renters will be “turned off” by a dirty rental property.

Every Landlord who has ever said, “oh I cleaned it myself” or “we can just wait until after its rented to have a professional clean and carpet clean” is just not thinking…seriously, would you go buy a new car and be happy to see debris and dirt inside?

People need to see your home at its best, so take a few hours, better yet PAY A PROFESSIONAL and get the place taken care of.

Step 7 – Take Great Pictures of Your Rental

The last step is to take great pictures of your rental property before you list it for rent.

Consider hiring a professional photographer to take pictures of your property since this will eliminate you having to shoot those pictures yourself. $125 – $150 will get you 30 high gloss digital photos that you will have for years.

People choose a property manager and a home rental online…they simply “swipe right” those ads with bad pictures.

Save Money on Managing Your San Diego Rental Property 

Are you tired of managing everything about your San Diego rental yourself and are ready for a change?

Contact GoldenWest Management, Inc. today to learn more about our affordable property management services and how we will free up your time so you can spend more time building your portfolio of San Diego Rental Properties.

Call us at (858) 792-3442 or CLICK HERE to connect with us through our website.

What Is The Snowball Effect And How Will It Help You With Owning San Diego Rental Property?

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By Goldenwest Management

So you’re thinking about getting started with San Diego Rental Property. That’s awesome news but, before you start investing in a San Diego Rental it’s important for you to take a step back and consider the importance of the snowball effect and how it can help you as a Real Estate Investor.

What Is The Snowball Effect?

The snowball effect basically follows the Warren Buffet investment strategy of the “snowball” or buying and holding onto an investment over the years so you can accumulate cash flow.

This investment strategy works well in Real Estate since you can easily have your rental properties pay for themselves over the years if you buy, hold and use the cash flow from your existing rental properties to buy more rental properties.

Snowball Effect in Action

For example:  Let’s say that you’ve bought two rental properties and after expenses both rental properties are generating you about $500 per month each, or an extra $12,000 each year.

If you save the profit from your San Diego rental properties you would be able to buy another rental in about two years and if you continue following this strategy over time it’s possible to pay all cash for your rental properties in the future.

Think Long Term

As a Real Estate investor it’s best to think long term and realize that if you can buy and hold onto your properties for the next 10, 15 or even 20 years rather than using that income now, it’s possible to buy one property per year moving forward and to own an awesome portfolio of San Diego Rental Properties.

San Diego Rental Property Management

As you build your portfolio of San Diego Rental Property let Goldenwest Management be your property management partner who will save you time and money while you enjoy the rewards of owning rental property.

To learn more about how our San Diego Property Management service can help you grow your rental property portfolio call us today at (858) 792-3442 or click here to connect with us online.

San Diego Rental Property – Learn More About The 2015 Landlord Tenant Laws

Sandiego_skyline_at_night

By GoldenWest Management

It’s 2015 and your friends and family members encouraged you to purchase San Diego Rental Property, so you bought a multi-family unit and are ready to start renting.

When leasing to your first Tenant, ask yourself how familiar you are with the Landlord-Tenant laws for our state?

Today’s post cover’s just some of the Landlord-Tenant Laws for that you may want to consider when working with prospective Tenants who are interested in your San Diego Rental Property.

Support and Service Animals

Surprise!!! There is no difference in the eyes of the Housing Authority anymore. Don’t make the mistake of denying a prospect with a Pet after they disclose to you that it is a support animal (of any kind): Emotional support, service animal, etc…The ADA statutes require that you treat that animal as if it were a “wheelchair” meaning you need to make “reasonable” accommodations. If you don’t heed this warning, HUD and the California State Attorney General will be knocking on  your door!

Registered Sex Offender Database

When creating a new rental agreement you must include the following verbiage in your rental agreement:

“Notice: Pursuant to Section 290.46 of the Penal Code, information about specified registered sex offenders is made available to the public via an Internet Web site maintained by the Department of Justice at www.meganslaw.ca.gov. Depending on an offender’s criminal history, this information will include either the address at which the offender resides or the community of residence and zip code in which he or she resides.” (Cal. Civ. Code § 2079.10a)

Tenants and Utilities

Before a tenant signs a new rental agreement you must disclose to them if they are responsible for paying gas, electric or other utilities including what the cost is for those utilities just so the tenant can know if they can afford to pay rent plus utilities in their monthly budget. (Cal. Civ. Code § 1940.9)

Toxic Mold Disclosure

Did you know that before you can rent to a new tenant you must disclose to them if your San Diego Rental Property has toxic mold or not? (Cal. Health & Safety Code §§ 26147, 26148). If you have had major water damage or past complaints of mold, and you don’t disclose this…you could be liable for a lot, including health costs, an environmental specialist, lost rent and moving/storage costs for the Tenant.

This is important to know because mold that exceeds exposure limits which are permissible has been known to post serious health risks and must be dealt with.

Non Smoking Policy

In this day and age it’s not uncommon for most San Diego Rental Property to have a no smoking policy.

If your decision is to not allow tenants to smoke on your property, you must outline this in writing, and provide tenants with specific instructions for where they can smoke on site, just so you can have assurance that your Rental Property In San Diego will be smoke free once you decide to rent it in the future.

Helping San Diego Rental Property Owners

If you think its smart to save a few dollars “managing your own property,” review the above and think about if you had any clue these were REQUIREMENTS in a lease. GoldenWest Management knows Landlord-Tenant laws in San Diego, and if we aren’t sure, we have legal counsel that deals with this EVERYDAY at our disposal. Call us to learn more about our affordable property management services, contact GoldenWest Management today by calling us at (858) 792-3442