Investing in rental properties can be a daunting challenge for many people. However, if you know where to invest in the Riverside area, you will be set up for success. Today’s blog post will cover in depth the three best places to invest when looking for a successful rental property.
Why Riverside?
Riverside is a fast-growing location that is trending upwards in terms of innovation and new residents moving into the area. If you've ever been on the 91 freeway or the 60, you might agree with me on that. The cause of this growth is mostly driven by prestigious schools and ample job opportunities. According to the site ZipRecruiter, “As of July 7, 2024, the average hourly pay in Riverside is $23.41 an hour.” As for the real estate market, another site titled Guaranteed Rate states, “Among Riverside residents, there is a homeowner vacancy rate of 0.9% and a rental vacancy rate of 5.8% from a total of 97,018 units.”
The data above indicates that it is relatively easy to invest in a rental and find tenants who can afford to pay market value. Riverside is becoming a top area to buy a rental property, and here are the three locations recommended by a Riverside property management company with 13 years of experience.
Location #1: Moreno Valley
Moreno Valley is probably the best place to start when it comes to investing in real estate. The one thing that both me and my father tell all of our clients is that if you are looking for a new rental to invest in, always start in Moreno Valley. This is because of the fact that the housing prices are cheaper than Riverside, however the market value always remains around the same. We've observed around a $30-$60k decrease in price when buying a rental property in the Moreno Valley area. If you're looking for a new place to invest, begin your search in Moreno Valley.
Location #2: Perris
Perris is the second-best location to consider for real estate investment. While it may not be the most upscale area, it offers a decent rental rate due to its proximity to several key attractions and amenities. Perris is known for its close proximity to Lake Perris, a popular recreational spot that attracts visitors year-round. The presence of outlets, stores, and convenient freeway access further enhances the appeal of this area for potential renters.
These factors contribute to Perris's attractiveness for potential renters, making it a viable option for real estate investors. Moreover, Perris has been experiencing gradual growth and development, with new residential and commercial projects underway. This growth is likely to continue, making Perris an increasingly attractive location for real estate investment. By investing in Perris, you can benefit from the area's affordability while still achieving a good rental yield.
Location #3: Eastvale / Jurupa Valley
Eastvale and Jurupa Valley are also excellent areas to consider for investment. These neighborhoods are experiencing significant growth and have strong rental markets. Eastvale, in particular, is known for its family-friendly environment, with excellent schools, parks, and community facilities. The city has a suburban feel, with well-planned residential areas that attract families looking for quality living spaces. Jurupa Valley, on the other hand, offers a mix of rural and suburban living, with larger lot sizes and a more relaxed atmosphere.
These neighborhoods are experiencing growth and have strong rental markets. Their family-friendly environments, good schools, and convenient access to shopping and transportation make them desirable locations for renters. Both Eastvale and Jurupa Valley have seen increasing demand for rental properties, driven by their appealing living conditions and proximity to major employment centers. Investing in these areas can provide a steady rental income and potential for property value appreciation.
Honorable Mentions: Riverside & Corona
While not the primary focus, Riverside and Corona also offer good opportunities for investment. Riverside itself has a strong rental market due to its large population and diverse economy. The city is home to several higher education institutions, including the University of California, Riverside, which attracts students and faculty members in need of housing. Additionally, Riverside's vibrant downtown area and cultural attractions add to its appeal for renters. Corona, with its suburban feel and proximity to major freeways, is another viable option for rental property investment. The city has a mix of residential neighborhoods, shopping centers, and recreational facilities, making it a desirable place to live.
Investing in these areas can provide a good return on investment due to the demand for rental properties and the increasing population in the Riverside region. By carefully selecting the right location, you can ensure a successful rental property investment. Both Riverside and Corona offer a range of property types, from single-family homes to apartment complexes, providing opportunities for investors with different budgets and investment strategies.
Can Property Management Help?
Not to sound biased, however if you are not familiar with the area of Riverside, or you have personally never invested in real estate before, property management can be an incredibly beneficial tool for you. A property management company can handle all aspects of rental property management, from finding and screening tenants to handling maintenance and repairs. This can save investors a significant amount of time and effort, allowing them to focus on growing their investment portfolio. Additionally, property managers are knowledgeable about local rental markets and can help set competitive rental rates to maximize income. They also ensure compliance with local laws and regulations, reducing the risk of legal issues. For investors looking to expand in the Riverside area, partnering with an experienced property management company can be a key factor in achieving long-term success and profitability.
If you would like to learn more about how property management might help you protect your investment, please schedule an appointment to meet with me here.
