Long Beach’s real estate market There are many opportunities in Long Beach, CA, for people from all walks of life. This means that there is always someone looking for a rental. With the rental market thriving and Long Beach considered a more “approachable” city than Los Angeles or Orange County, it’s a great time to be an investor.
Join me as we go over why investing in the Long Beach real estate market is a great way to diversify your portfolio.
While tourism isn’t Long Beach’s primary industry, it is a travel destination. With the Long Beach convention center, the Aquarium of Pacific, Catalina Island, and Queen Mary, there is an excellent argument for short-term rentals. A short-term rental property is a guest stay for less than 30 nights. Long Beach has a $250 initial application and subsequent annual renewal fee to list your home as a short-term rental.
Vacation rentals are great for passive income because Long Beach has great weather most of the year. Vacation homes appreciate, which can provide a higher return on investment and passive income from the rent. Short-term rentals are only for some. Some investors prefer a long-term tenant to avoid the hassle of cleaning and preparing the rental in-between guests.
Long Beach is one of the greatest locations in Southern California. Access to Pacific Coast Highway and five different freeways, the 22, 91, 405, 605, and 710, makes Long Beach a great city hub for tenants who work out of town but also want to visit the neighboring cities. Long Beach sits between Los Angeles, Anaheim, Santa Ana, and Huntington Beach.
Being in such a great location, Long Beach can attract tenants looking for rentals from all over Southern California. Mining vacancy rates are often low.
The second busiest port in the country resides in Long Beach, making it an important economic hub. Along with a wide range of diverse industries such as healthcare, restaurant, education, and manufacturing, there is a steady demand for homes and apartments, making it a fantastic location for investors. With abundant job opportunities, Long Beach has a relatively low unemployment rate making it a viable location for property investors.
While rising interest rates make it challenging for first-time home buyers, it opens an excellent opportunity for landlords because rents are still strong. In Long Beach, the average rent is around $2,500 for an 800 sq. ft. home. This number can vary depending on the neighborhood, type of rental, and layout. Although the interest rates are high, the rent can be adjusted to provide a greater asset with equity and a higher passive income if you refinance. This may increase the amount you charge your tenant. However, it can aid in vetting financially capable tenants who comfortably fulfill their rental obligations.
Investing in Long Beach’s real estate market is a great opportunity for both new homeowners and experienced investors. Begin your real estate career or expand your portfolio while earning passive income. If you are looking to invest in Long Beach real estate and or need help managing your Long Beach rental properties, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.
