Renters outnumber owners in Los Angeles. According to a housing forecast I glanced at last week, Los Angeles area rents are projected to increase next year by an average of 8%, or if under rent control, whatever the law will allow. Millennials are postponing home ownership and boomers are ditching the big single family home in favor of smaller urban digs. The future of income property in greater Los Angeles looks bright.The income property market in the South Bay of Los Angeles remains one of the hottest segments of the local real estate market. The heat turned up in 2012 and the sizzle continues with only slight cooling today. Charlemagne Int'l Properties represented clients on properties with over 20 offers, and five or six was the norm. There is still keen competition for prime investment properties, but the market no longer resembles a shark feeding frenzy thanks to the uptick in prices over the past two year. However, there are still good investment properties available throughout the Los Angeles area.
Does income property make sense for your investment portfolio? It's not for everyone, but for those who are suited to either managing property or hiring a management company it can be a smart investment, especially if the strategy is to buy and hold. Income property in the coastal areas of Southern California has a steady supply of renters who want to enjoy the beach lifestyle but cannot afford to purchase in the pricey coastal towns.
Whether you're interested in purchasing a duplex or a large apartment complex it is important you familiarize yourself with what being a landlord entails prior to taking the plunge. Los Angeles City falls under rent control with additional layers of rules and regulations for landlords.
For more information of income property in the South Bay of Los Angeles contact Charlemagne Int'l Properties at 310.493.8333 or email us at ToeringandTeam@ gmail.com.
- Norma Toering, Broker-Owner of Charlemagne Int'l Properties
(310) 493-8333
South Bay Income Property for Sale: (Over $800,000)
