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Long Beach, CA Rental Market Overview
Long Beach Poised to Perform Better than Other LA Rental Markets
It's all about being on the coast. And being far enough away from wherever the big institutional investors are adding dense multi-unit properties. The Marcus & Millichap 2013 National Apartment Guide ranked the Los Angeles metro area tenth out of 44 rental markets in the nation, noting that 80 percent of the new apartment construction (4,000 units) is targeted in only 25% of the Los Angeles County submarkets: Wilshire/Westlake, Downtown LA and Marina Del Rey/Venice/Westchester. Comparatively speaking, new apartment construction in Long Beach is relatively light. Couple that with a 3.7% vacancy rate and it's easy to see why the Marcus & Millichap report predicts that countywide asking and effective rents should eclipse prerecession highs.
So Where Can Individual Investors Make Their Plays?
LA coastal markets have always enjoyed consistently active renter interest, and right now much of the new construction focus is on Class A properties. This potentially leaves the door open for Class B/C properties that are too small to attract institutional investors. While Long Beach lacks the foreclosure inventory found in some of the eastern communities in the Los Angeles metro area, opportunities are not completely absent from the market. That's why many small landlords and individual investors rely on real estate professionals employed by many of the Long Beach property management companies in the surrounding area. Most property managers offer more than marketing, accounting and tenant screening services. Their frequent interactions with both renters and property owners give them unique insights about the local market, the stuff you won't find in the executive summary of an institutional investor report. Consider taking a few moments to review the profiles of our Long Beach property management companies and then request your free information today.