Dear Property Owner,
Did you know the Apartment Market in the Metro: San Bernardino/Riverside & Submarket: San Bernardino:
- Average Asking Rent $851; Up 0.3% from Q3 2013 & I Expected to finish 2014 at $878.
- Average Vacancy Rate 3.6%; Down 40 basis points from Q3 2013, 1 Lowest level since Q3 1996 & Expected to finish 2014 at 3.3%.
The San Bernardino submarket, one of sixteen distinct geographic concentrations within San Bernardino/Riverside, contains 12,752 market rate rental units, or 9.6% of the metro’s total inventory of apartment space. In the ten-year period since Q4 2003, there have been no additions to the submarket, and 104 units have been removed by conversion. The net total loss of 104 apartments equates to an annualized inventory growth rate of-0.1%; by contrast, the annualized growth rate for the metro over the same period was 1.0%.
Asking And Effective Rent
Asking rents advanced by 0.3% during the fourth quarter of 2013 to an average of $851, a level higher than only two of San Bernardino/Riverside’s sixteen submarkets: Hemet ($793) and Victorville ($765). Mean unit prices in the submarket are as follows: studios $612, one bedroom $732, two bedrooms $908, and three bedrooms $1,150. Over the past four quarters, asking rents have risen a total of 0.4%, up from $848. The San Bernardino submarket’s current asking rent levels and growth rates compare unfavorably to the San Bernardino/Riverside metro averages of $1,099 and 0.6%. Effective rents, which exclude the value of concessions offered to prospective tenants, also rose by 0.3% during the fourth quarter. The identical rates of change show that landlords have succeeded in raising rents while maintaining a stable relationship between asking and effective rent values. –
Between now and year-end 2015, no additional competitive stock is projected to be introduced to the submarket inventory. Net new household formations at the metro level over the same period are projected to average 1.7% annually, enough to facilitate an absorption rate averaging 1,531 units per year. The San Bernardino submarket will claim an insignificant 2.5% of this demand. The submarket vacancy rate will finish 2014 at 3.3% and will fall 0.3 percentage points to 3.0% by year end 2015. Thereafter, Reis anticipates that asking rent growth will accelerate to an annualized average of 3.9% during 2014 and 2015 to reach a level of $919 per unit. As market conditions motivate landlords to increase the values of the concession packages offered to new tenants, effective rents are anticipated to increase at a slower 3.5% average annualized rate.
Investors are moving inland from the coast to capture higher yields, a trend that will persist this year. Our data base show you own an investment property that real estate investors will want to acquire before the end of the fourth quarter of 2014. We specialize in representing sellers of Investment & land development properties in the Inland Empire, California. We have sold several billion dollars’ worth of investment properties over the years and possess the most diverse experience in the business and have been involved in creating markets where the majority of investors and developers rely on the brokerage community for their property inventory. We are certain that our track record and name within each market will provide a solid foundation for a relationship built on mutual respect and integrity.
Humbly put, we believe our clients’ welfares come first. We advertise our clients’ properties to the largest pool of qualified buyers available. Also, we strive to find our buying clients all available properties that meet their requirements, exclusively listed with us or not. We recognize that acting in our clients’ best interests at all times helps us earn and maintain long-term relationships.
The RE/MAX Commercial Division utilizes a multi-disciplinary approach to focus on all aspects of commercial real estate brokerage. Led by Eric S. Chavez, each member of the Commercial Division has extensive experience in the real estate industry with a precise focus on the location, sale, lease and development of commercial-use properties. The Commercial Division’s focus on servicing our client’s needs include: Distressed Commercial Real Estate Opportunities, Land, Pad Sales, Leasing and Improved Property (Mixed Use, Multifamily, Retail, Office and Industrial).
RE/MAX Commercial Division’s extensive brokerage experience and irreplaceable knowledge is set to assist a property owner in the effective strategic and marketing of their land related assets. We will discuss a precise course of action to successfully implement a method of positioning, market offering timelines, and the ultimate sale or lease of the property to viable, qualified buyer
Thank you for your time, consideration and effort on this matter.
Commercial Division RE/MAX 2000
Direct: (909) 957-1851
Email: ojamil remaxcre.net BRE License: # 01398714
|Eric S. Chavez
Direct: (626) 392-4667
Email: email@example.com BRE License: # 01397806
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