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Karen, Home Buyer in Westchester, Los Ang...

I am considering investing in Riverside. How is the rental demand there?

Asked by Karen, Westchester, Los Angeles, CA Tue Jan 27, 2009

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Terry Hammill’s answer
Hello Karen,

After all of the condo conversions during the housing boom there has been a deficiency in rental units. This coupled with the perceived risk currently associated with purchasing a home, and the unfortunate foreclosure rate locally; there is a market there.

Depending on the type of rental property you are looking into as well as location and other factors it may be a good investment.

Hope that this helps,
Terry Hammill

RE Market Solutions – Helping Real Estate Professionals and their Clients by providing an alternative to Foreclosure.
0 votes Thank Flag Link Fri Apr 13, 2012
I would say it is about average. I would not say it is easy to find someone pounding on the desk demanding to pay rent, but you might find people looking for a place to call home.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomebuying.org
http://www.socalhomebuying.org
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Fri Mar 23, 2012
Rental demand in Riverside is very strong. Appropriately priced rentals can rent within hours or days of listing. If you are investing research the rental comps and medium housing incomes in the areas you are thinking of investing. :)
0 votes Thank Flag Link Wed Mar 21, 2012
Demand is very strong in most areas of Riverside. Placing a lease in 1-2 weeks is commonplace when priced correctly.
0 votes Thank Flag Link Mon Mar 5, 2012
Ideal perfect storm.....low rates....low prices......high rental demand
0 votes Thank Flag Link Mon Mar 5, 2012
Hi Karen,
As you've seen from the other answers, the rental market here in Riverside is great. Your ROI is very good. I live and work in Riverside and I can tell you investors who want to purchase and hold for rentals are very competitive and anxious to purchase here. As with any investment you need to do your homework. As a Riverside resident, I know the neighborhoods, schools, and areas that are great for investment. Let me know if you have specific questions about Riverside.
0 votes Thank Flag Link Mon Mar 5, 2012
I live and work in Southwest riverside and the rental market here is great. Along with the rest of Riverside, the Temecula/Murrieta area has dropped significantly in price, however, the population and quality of tenants has remained strong. We are the southernmost point to San Diego, where prices are about double, so many people commute daily. Excellent schools and low crime help keep the neighborhoods renting quickly. Also, so many people have gone through a short sale or foreclosure, that they now have to rent. (Yes, these folks lower credit, but as long as the rest of the credit (utilities, credit cards, etc) shows regular payments, they are still great tenants.) 3-4 bedroom house for around 190-220K, can rent from 1550-1800 per month.

I own several in the area myself and recommend this area highly.
0 votes Thank Flag Link Tue Mar 8, 2011
Dunes already gave you http://www.rentometer.com - so aside from that I will tell you that the rental market here has a lot of demand. Homeowners who have lost their home to foreclsoure need a place to live. As long as the credit report does not show a lot of other deficiencies and their income can qualify them to pay the rent you are asking they will be good tenants.

I rented to a homeowner who lost their home and they were actually the best tenants I ever had. They just happened to be honest people who got into trouble with their adjustable mortgage payment.

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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Wed Feb 10, 2010
Karen, You can try these sites for rental trends, comparables......http://www.zilpy.com/
http://www.rentometer.com/

Good luck, Dunes
0 votes Thank Flag Link Wed Feb 4, 2009
During the school season, pretty high demand. Average rent for 3 bedroom runs up to $1300/month, sometimes more depending on the actual area of Riverside. Please contact me at brendarealestate@yahoo.com
0 votes Thank Flag Link Wed Feb 4, 2009
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