Why Owning Investment Property In Murrieta Is A Good Idea
If 2021 is the year where you dive headfirst into property investing, it’s worth looking into the Riverside California real estate market, more specifically, Murrieta. Owning investment property in Murrieta can be a wise move as unlike other areas in CA the properties tend to cash flow more efficiently. Murrieta property management companies can help maximize your investment goals.
Murrieta is located in Riverside County’s Santa Rosa Mountains and sees warm weather year-round. It’s home to around 115,000 people from all cultures and backgrounds. It’s a rapidly growing city made up of five distinct districts that showcase the city’s diverse culture, rich history, and natural beauty. Murrieta has over 50 public parks, hundreds of restaurants and shopping venues, great schools, and is a city where small businesses and entrepreneurs can thrive. It’s a city where you can hike to a waterfall, have brunch in a small cafe, and immerse yourself in the sights and sounds of the city, all in one day. It’s a popular destination for college students, retirees, busy professionals, and growing families.
Real estate professionals use a few different factors to determine if an area is suitable for investments. These include:
- Median home value ($515k in Murrieta)
- Median income ($84,817 in Murrieta)
- Unemployment rate (7% in Murrieta)
- Percent of owner-occupied homes (66% in Murrieta)
- And average school rating (Above average in Murrieta)
These specific statistics for the Murrieta area allow real estate investors to rank Murrieta as one of the best places to live and invest in Orange County.
Popular Murrieta Investment Property Neighborhoods
There are over a dozen residential neighborhoods in Murrieta, a combination of new developments and established communities. These neighborhoods consist of single-family homes, condos, townhomes, historic homes, and impressive waterfront estates. Where you invest in Murrieta depends on the type of home you want to buy and your budget.The recent flock to single family housing is another strong driver in purchasing investment property in Murrieta.
As you explore the Murrieta area, check out some of these real estate investment hotspots:
- Murrieta Hot Springs- an area dating back to the early ’70s that features a mix of older homes and new developments. Most homes here are smaller to mid-size homes and the median home price is $251,500.
- Greer Ranch – an upscale residential community in the foothills of Murrieta. Here, luxury homes are tucked throughout 550 acres of gorgeous landscapes, and locals have access to resort-style amenities and easy access to the interstate.
- Bear Creek– a resort-style, gated community consisting of over 600 homes and a private golf course. With a mixture of single-family homes and townhouses, Bear Creek is an active community that combines the natural beauty of Orange County with modern amenities and easy access to shopping, dining, and recreation.
- The Colony- this residential neighborhood was established in the ’80s and continues to grow and change. Consisting of mostly single-family homes, this neighborhood is close to a highly desirable school district and public parks. The median home price is $381,500.
Murrieta Rental Market
Murrieta is a blend of white and blue-collar workers, college students, recent college grads, local business owners, and entrepreneurs. This makes it a hot spot for those looking for short term housing and rental properties. The average rental rate for an apartment in Muretta is $1,829 and $2097 for a three-bedroom home. The average investor sees a 2.12% cash on cash return for traditional investment properties.
The demand to live in an area like Murrieta is just another reason why owning investment property in Murrieta is a good idea. Demand for Murietta Property Management is surging and the 2021 CA Rental Housing Market forecast is promising.
Other Investment Property Areas To Consider
Murrieta isn’t the only place in Riverside County where property investors can thrive. As you explore the area, look for rental properties in surrounding cities like Temecula, Wildomar, and Lake Elsinore. These cities, like Murrieta, offer a wide range of real estate options in a hot and competitive market. Whether you’re looking for a one-bedroom apartment near the city or a single-family home in a quiet cul de sac, investing in the Murrieta area can be a great way to expand your investment portfolio and a Murrieta property management company can help you navigate potential pit falls.
Make Your Next Investment In Murrieta
Buying property in Murrieta is just the first step in a successful investment. Hiring a professional property management company company in Murietta will help you market the property, screen tenants, and handle rent collection, tenant communication, property maintenance and other owner services. During a pandemic they can help you with a Landlord Pandemic checklist as well. If you’re looking to buy property in Murrieta or need someone to manage your existing property, let’s schedule a conversation today!