Things to Know Before Investing in Riverside Real Estate
From the first golf course & Orchards in California, Riverside has undergone many changes that reflect a community of creativity and innovation. Riverside proves to be one of the cities to watch for in the realm of commerce & growth. With an increased growth of migration from Orange County & Los Angeles; commuting has been an affordable alternative to families, entry level buyers & investors. If you were considering buying soon this sought-after City offers plenty of amenities to invest in real estate.
Investment Considerations for Riverside Real Estate
Before you decide to take a chance on investing in Riverside real estate, you should also become familiar with the factors that are driving the real estate market in this area.
Housing in Riverside has appreciated far above the national average—According to IVAR ( Inland Valley Association of Realtors ) over the past 12 months reported as of June 2022. With that rapid appreciation rate for Riverside real estate, this area has drawn attention to its housing market considering the growing equity. Thus, investors can anticipate a sizable return.
Rental Price Increase
With a growing demand for housing and even a shortage of places to live, rental rates are going up steadily. Just in the last year, rents have gone up by 11% according to local demographics. In addition to the rising prices, the vacancy rate remains low, with 2016 seeing a rate of 4.36%. So, when you combine increasing rental prices, few vacancies, and high demand, investing in Riverside real estate could produce a consistent year-round income.
Although Riverside has not experienced the same growth as the bigger cities in the past, it is still on the receiving end of the migration away from highly populous areas. Plus, it is located in an industrial hub surrounded by incoming warehouses & businesses. This situation translates to job growth, which in turn, increases the demand for housing. Conclusively, real estate investors would find a lucrative market to dive into.
Riverside Real Estate FAQ
Is Riverside a good place to invest?
With more people currently seeking homes outside of L.A., Orange County & Santa Barbara the cost of living is lower than in these major metropolitan locations, now would be a suitable time to invest in Riverside. This location also offers many amenities that families are looking for in relation to schools, shopping, and entertainment but without the heavy traffic and overcrowding. Thus, you can seize this opportunity to meet the higher demand for affordable housing.
Why is Riverside a Good Place to Live?
Riverside is a close drive to L.A & Orange County & the ability to use Fasttrack as a helpful commute lessons the time to travel. Riverside City also has attractive areas of arts and entertainment with a thriving agricultural industry and commerce, along with a healthy job market. Furthermore, the cost of living is much lower than in L.A. and San Diego.
What is the cost of housing in Riverside, CA?
The average cost of homes in Riverside according to Zillow is $646,347. On the other hand, entry prices fall into the range of $425k for a 3 bedroom, 2 bath Single Family dwelling.
What is Riverside known for?
Aside from being the place where famous artists, like Blink 182, got their start, Riverside is home to some popular concert venues such as Riverside Arts Center, Fox Performing Arts Center and local eatery’s like The Food Lab. These areas are also well known for its museums and art centers, not to mention its annual Festival of Lights in Downtown Riverside. The surrounding areas are also filled with scenic navel orange orchards, the citrus that has become Riverside’s trademark. Additionally, Riverside offers options in the realm of higher education with four colleges and universities.
Why choose Legacy Homes Real Estate, before investing
For over 20 years, we have offered personalized service to our clients. As a family-owned company, we understand how much trust matters when navigating through the process of buying or selling real estate in Riverside and the surrounding areas. We offer reliable, up-to-date information about school ratings, crime reports, and any changes in the local real estate industry. In other words, we provide thorough information to help our clients make the best choices in real estate investing. For more information and current property listings, contact us.