Investors looking for their next rental property have a lot of options, and today we’re talking about why Oakland is a great place to look.
California can be a tough real estate market to enter generally, but in Oakland, we have a few unique features that make it a little easier to buy an Oakland rental property and earn some great returns.
Oakland’s Location Cannot be Beat
You don’t have to be a real estate expert to understand how important location is when we’re talking about buying and renting out property. It drives how much you can earn in rent and the types of tenants you’re going to attract.
Oakland is well-positioned to be an outstanding investment market. Why? Because it’s close to San Francisco and it’s an ideal place for people to live whether they work in the city or Silicon Valley. The area has a great public transportation system, and it’s easy to move around. You’ll be able to buy a home in Oakland for a lot less than you’d spend in San Francisco or just about anywhere else in the Bay area. And you’ll still be a great option for tenants who are looking for a great neighborhood and an amazing value.
Appreciation is Making Investors Money
Oakland properties have been growing in value over the last few years. Prices are going up, but it’s still possible to find a compelling opportunity in this market. What you buy today will be worth a lot more in five years, 10 years, and 15 years. The city is growing economically and more people are moving into Oakland to live and work. Investing today will yield amazing ROI in the years to come. Your asking price will likely be lower than what you sell for because competition will be hot. In additional to growing appreciation, inventories are lower. People are scrambling to buy Oakland homes, so if you find something that looks good and meets your investment needs, don’t hesitate for too long.
Oakland Rents are on the Rise
Not only do investors have access to a solid pool of tenants in Oakland, they’re also benefiting from rising rental rates. Neighborhoods like Montclair, Cleveland Heights, and Longfellow are seeing especially dramatic jumps in the amount of rent that owners can charge. You won’t have to worry about whether tenants are willing to pay; for well-located, well-maintained properties, your qualified tenants will be able to meet the demand of higher rental prices.
There’s also the option of short-term rentals in Oakland. This doesn’t work in all markets, but in Oakland, investors have having some success renting out properties for a weeks and even days at a time. You might find that you can make some good money through rentals on sites like Airbnb. These come with their own set of challenges, so make sure you’re prepared.
We’d love to tell you more about why investing in Oakland rental property is a good idea. Let us tell you more about our local expertise and what we think you could earn in rent. Contact us at Vision Property Management.