Costa Mesa Landlords Exited by News of U.S. Rent Acceleration
Costa Mesa landlords who have already profited from the national tilt toward rental investment will have been furthered by last month’s Zillow report on the growth of rents across the nation. They might be including apartment housing in their data, but in any case, rent revenue is accelerating.
Landlords had to be pleased everywhere else. Rents were up in every one of the nation’s top 50 markets—except for the unlucky Wisconsin metro. The solid 3% year-over-year growth figure meant that rent proceeds have been rising the fastest since early in 2016. The national averages for the preceding years were lower for a number of reasons. Key among them was that the new rental properties were largely built for the higher quality market. The result was a relative dip in new offerings that forced price competition during initial lease-up periods.
Costa Mesa landlords might see lack of U.S. for-sale inventory as good news. It fell another .8% annually. The author of the report, Skylar Olsen, found 12,128 fewer homes for sale than in the previous year. This has been a leading factor in the relatively slow pace of housing sales—and is beneficial to the rental market.
According to Olsen, “demand from renters—both from existing tenants…and from younger, would-be tenants beginning to strike out on their own—remains strong.” Proof is easy to come by: annual rent growth has accelerated in every one of the past nine months.
For investors currently appraising Costa Mesa properties thinking about becoming a Costa Mesa landlord, the latest home loan interest rate drop should come as a nudge to action. Along those lines: giving L3 a call is a good no-obligation step toward a very profitable venture!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
