||# of Agencies
|Single House or Condo
|Home Owners Association
|Total Local Companies
California Rental Market Overview
California's Recovery Varies According to Location
Growth in the retail, tourism and technology sectors have kept California's economic recovery ahead of the national average, although most of the progress remains focused on the state's largest coastal cities, including Los Angeles, San Diego and San Francisco. Smaller inland metropolitan areas indicate moderate gains that are closer to the rest of the country. Recent data compiled and evaluated by Wells Fargo Securities in their March 2014 California Economic Outlook report indicates that the state unemployment rate should continue to drop in the near term as construction and manufacturing activity improves. These two sectors were among the hardest hit by the recession in the Golden State and many investors correctly anticipated that they would be among the last to fully recover.
Understand Your Market and You'll Anticipate Future Changes
While California's recovery is on the upswing, the economic tempo varies according to where property owners have rental property assets. Metro areas like Los Angeles, Oakland, Sacramento, San Jose, San Diego, San Francisco and Riverside-San Bernardino all occupied top-ten spots in the 2013 Marcus & Millichap National Apartment Report, largely due to job openings combined with supply and demand constraints. Inland California cities hit hardest by the housing crisis, including Merced, Modesto, Stockton, Fairfield and Bakersfield all offer attractive entry points but carry an exposed risk to higher vacancy rates. Knowing where and when to enter or diversify in the California rental market depends on understanding the local economy. That's why many property owners and independent landlords consult with a real estate professional at a California property management company. Most property managers provide a range of services that extend beyond rental asset care, so they possess inside knowledge of local housing trends. They can introduce you to the most effective rental marketing channels and help you anticipate changes in the local economy. Learn more by requesting your free information from a California property management company today.