Riverside CA Best Place for Investment Property

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Market Trends

I know Riverside is a little bit of the drive from Palm Desert, but it's pretty neat that our own Riverside California made the top 10 list as one of the best places to buy an investment property.

People are moving to Riverside and the number of new residents outpaced new homes by nearly 5%. This means that the increase in demand for housing drove prices for homes and rental units up quite a way. The average rent in Riverside rose nearly 19% from 2012 to 2016 and the median home value increased nearly 55%.

But this also means it's a great time for investors to scoop up homes in the Riverside area. Currently, the median monthly rent is $2100 per month. The median sales price is about $403,000 making a price per square foot in at $250. There was a dip in the median rent back in October through December, but in January through March, the prices went up dramatically. Over the last couple of months, the median rent has stated about $2100. The median sales price also side dip in January, with a slight rise in March, dip in April, and then a consistent rise ever since. There have been just 926 home sales in June and July and many of those were investors cash in on some great cash flow properties.

Pair this with the fact that Riverside also has some of the best schools in the area and people are flocking here. Buyers are looking for homes but more importantly, renters are looking for properties and this is where investors can cash in.

If you'd like a list of properties for sale in Riverside or even closer to home in Palm Desert and Palm Springs that might be ideal for investments, give me a call. Not only do I sell to homeowners but to investors as well in finding the right deal in the right neighborhood is my specialty.

Image by Ken Lund