Los Angeles, the City of Angels and Renters
June 3rd, 2013 by Tatyana Levin
Bloomberg recently named Los Angeles as one of the best cities for renters. Aside from the city pride that we receive, there is also a significant amount of good news for potential investors buried within this complement.
The more “rentable” a city is, the more worthwhile and potentially profitable property there is. Although this is reflected in the prices of buildings, it also means breaking even sooner and most importantly turning a profit sooner.
In fact, the article even suggests to Los Angeles residents to rent rather than to rush into buying, perhaps because of the precarious residential real estate market. For whatever reason people choose to rent when they can buy, this benefits building owners.
And because Los Angeles is such a popular destination, this forecast is not subject to change any time soon.
Although they say that location is the most important thing in this industry, it is not the only important factor when it comes to renting out your investment property.
By making sure that your property is well maintained and has amenities, you will be catering to the highly coveted demographic of upwardly mobile residents.
The more you put in, the more you get out.